Prior to AY 1992-93, interest receipts not to be excluded from ‘Profit of the Business’ for Sec. 80HHC calculations

HIGH COURT OF DELHI Commissioner of Income-tax versus Anil Chanana IT Reference No. 4 of 1997 AUGUST 6, 2012 JUDGMENT R.V. Easwar, J. This is a reference made at the instance of the Commissioner of Income Tax, Delhi-VII under Section 256(1) of the Income Tax Act (hereinafter referred to as “the Act”). The following questions of law were referred to us for opinion : “1. Whether, on the facts and in the circumstances of the case, the I.T.A.T was right in law in holding that section 80-HHC(3)(b) would be applicable even where assessee’s local business co...