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Judgment
The matter has been called out twice but there is no appearance on behalf of the assessee despite service.
We find that in ITA No. 563/2007 decided on 3-10-2007 the assessee also did not appear.
Admit.
The following substantial questions of law are framed for consideration:
Whether the Income Tax Appellate 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 Explanation (baa) while calculating deductions u/s 80HHC of the Income Tax Act, 1961
Whether Income Tax Appellate Tribunal was correct in law in holding that 90 per cent of the net interest is to be excluded from the profits of the business as per the provisions of Explanation (baa) while computing deduction u/s 80HHC of the Act?
In view of the decision of this Court in Rishi Dev Batra Vs. Dr. (Mrs.) Anup Suri , both the questions of law are answered in the negative, in favour of the revenue and against the assessee.
The appeal is disposed of accordingly.