Sanghavi Jewel P.Ltd, Mumbai vs. DCIT Cir 5(3)(1), Mumbai
In the result, assessee’s appeal is partly allowed for statistical purposes
ITA 5672/MUM/2016[2011-12]Status: DisposedITAT Mumbai11 Jul 2018AY 2011-12
Bench: Shri Saktijit Dey & Shri Rajesh Kumar
For Appellant: Ms. Aarti VissanjiFor Respondent: Shri V. Vidhyadhar
Section 10ASection 115J
…eligible for deduction under section 10AA of the Act. In support of the aforesaid submissions, assessee relied upon the following decisions:– i) CIT v/s Motorola India Electronics Pvt. Ltd., [2014] 98 DTR 081; ii) Medusind Solutions India Pvt. Ltd. v/s CIT, 56 SOT 177; 4. Without prejudice to the aforesaid submissions, it was submitted that in case deduction under section 10AA of the Act is not allowed in respect of interest income, the related interest cost should be netted– off against the interest income and the net interest income should be reduced from the profits of business for computing deduction under…
