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| The Tax Publishers2020 TaxPub(DT) 0895 (Mad-HC) INCOME TAX ACT, 1961
Section 80HHC
Where contention sought to be raised by assessee before the Court did not appear to have been raised before Tribunal in the manner it was raised before this Court and details of reduction of interest liability on account of change of contract with the lending financial institutions from 'Foreign Currency Fixed Interest Loan' to 'Foreign Currency Floating Interest rate' was not discussed by Tribunal in order, therefore, matter was remanded back to Tribunal for deciding the appeal afresh.
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Deduction under section 80HHC - Allowability - Computation of deduction under section 80HHC -
Issue arose for consideration as to whether Tribunal was right in holding that 90% of gain on derivative products and gain on interest rate swap on derivative instruments should be excluded from the profits of the business for purpose of computation of deduction under section 80HHC. Held: Contention sought to be raised by assessee before this Court did not appear to have been raised before Tribunal in the manner it was raised before this Court and facts and details of the reduction of interest liability on account of change of contract with the lending financial institutions from 'Foreign Currency Fixed Interest Loan' to 'Foreign Currency Floating Interest Rate' was not discussed by Tribunal in order. Tribunal, being the final fact finding body, has to be recorded its independent findings facts and then only apply the law applicable to such facts. Therefore, matter was remanded back to Tribunal for deciding the appeal on the said aspect of the matter again, after hearing the contentions of both the parties in accordance with law.
REFERRED : CIT v. K. Ravindranathan Nair (2007) 295 ITR 228 (SC) : 2007 TaxPub(DT) 1550 (SC) CIT v. Lakshmi Machine Works (2007) 290 ITR 0667 (SC) : 2007 TaxPub(DT) 1188 (SC)
FAVOUR : In assessee's favour by way of remand
A.Y. :
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