Jindal Fine Industries vs Commissioner of Income Tax

This order will dispose of IT Appeal Nos. 404 and 405 of 2005 raising similar questions of law.

While interpreting Expln. (baa) to Section 80HHC of IT Act, 1961, this Court in Rani Paliwal Vs. Commissioner of Income Tax, held:

that the Tribunal was right in holding that 90 per cent of the interest that was deducted for the claim u/s 80HHC of the IT Act, 1961 was from the gross interest received by the assessee and that the amount of interest paid by the assessee could not be deducted therefrom.

Following the above judgment, Tribunal decided the issue in favour of the Revenue.

Learned Counsel for the assessee submits that the view taken by this Court is in conflict with the decisions of several Benches of the Tribunal and therefore, the said view should be reconsidered by this Court.

We are unable to accept the submissions made by learned Counsel for the assessee. A Division Bench of this Court having gone into this matter, we respectfully agree with the view taken by this Court in Rani Paliwal''s case (supra).

No ground is made out for referring the matter to the larger Bench merely because contrary view has been expressed by different Benches of the Tribunal.

In view of the above, no substantial question of law arises for consideration.

Dismissed.