COMMISSIONER OF INCOME TAX Vs. KRISHAN KUMAR AGGARWAL
LAWS(DLH)-2007-3-261
HIGH COURT OF DELHI
Decided on March 16,2007

COMMISSIONER OF INCOME TAX Appellant
VERSUS
KRISHAN KUMAR AGGARWAL Respondents

JUDGEMENT

- (1.) "Whether the Tribunal was correct in law in holding that assessee is entitled to reduce interest paid by it from the interest received by it, while calculating deduction under s. 80HHC(4A) r/w Expln. (baa) of the IT Act, 1961 -
(2.) ALTHOUGH the appellant had, in its memorandum of appeal, raised the question whether interest from deposits could be treated as business income and not 'Income from other sources', this Court did not admit the appeal on that question. ITR 475 (Del) we had, in paras 21 and 22, stated that where the Assessing Officer (AO) has held that the interest income is business income and "this has not been reopened or questioned thereafter by the Department or where this Court has not formulated such a question while admitting the appeal", such question of law will not be permitted to be reopened. In the instant case, the AO has held income to be business income. The only question thereafter that was urged by the appellant before the Income -tax Appellate Tribunal (Tribunal) pertained to the netting of interest. In the assailed by the Departmental Representative." In that view of the matter no interference is called for with the impugned order of the Tribunal and the appeal is accordingly dismissed.;


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