High Court of Punjab and Haryana, Chandigarh
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Jindal Fine Industries v. Commissioner of Income Tax - ITA-405-2005  RD-P&H 4744 (25 July 2006)
I.T.A. NO.405 of 2005
Date of decision: 14.07.2006
M/s Jindal Fine Industries
Commissioner of Income Tax
CORAM:- HON'BLE MR JUSTICE ADARSH KUMAR GOEL
HON'BLE MR JUSTICE RAJESH BINDAL
Present: Mr. S.K. Mukhi, Advocate
for the appellant.
This order will dispose of I.T.A. Nos.404 and 405 of 2005 raising similar questions of law.
While interpreting explanation (baa) to Section 80 HHC of Income Tax Act, 1961, this Court in Rani Paliwal Vs. CIT, 268 ITR 220 held:-
"that the Tribunal was right in holding that 90 percent of the interest that was deducted for the claim under section 80 HHC of the I.T. 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, Income Tax Appellate 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 Income Tax Appellate 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 respectively 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.
( ADARSH KUMAR GOEL )
July 14, 2006 ( RAJESH BINDAL )
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