COMMISSIONER OF INCOME TAX Vs. GOLDTEX FURNISHING INDUSTRIES
HIGH COURT OF DELHI
COMMISSIONER OF INCOME TAX
Goldtex Furnishing Industries
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(1.) THE matter has been called out twice but there is no appearance on behalf of the assessee despite service.
(2.) . Admit.
(3.) WE have heard learned counsel for the Revenue and are of the opinion that the following substantial question of law arises for our opinion :
"Whether the Tribunal was correct in law in treating the interest income earned by the assessee on fixed deposit receipts, which were kept as earnest money with the bank for performance of export, as its business income for the purpose of Expln. (baa) while calculating deductions under s. 80HHC of the IT Act -
The admitted position is that in view of the decision of this Court in CIT vs. Shri Ram Honda Power Equip and Ors. (2007) 207 CTR (Del) 689 : (2007) 289 ITR 475 (Del), the question of law is required to be answered in the negative, in
favour of the Revenue and against the assessee.;
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