In the result appeals of the Assessee and the Revenue are partly allowed
Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2002-03
Section 80HHC. Aggrieved, the assessee filed an appeal before the Income Tax Appellate Tribunal (for short `the Tribunal'). The Tribunal held, relying on the decision of the Delhi High Court in Commissioner of Income-Tax v. Shri Ram Honda Power Equip [(2007) 289 ITR 475 (Delhi)], that netting of the interest could be allowed if the assessee is able