COMMISSIONER OF INCOME-TAX Vs. BAKELITE HYLAM LIMITED

JUDGEMENT

(1.) The question referred in this reference is:

(2.) The Tribunal has allowed the appeal of the assessee and held that the interest and other income aggregating to Rs. 451.4 lakhs was includible under the head "Profits and gains of business" and was to be taken into consideration for computing deduction under Section 80HHC of the Income-tax Act, 1961. The Revenue objected to the order of the Tribunal and reference was accordingly made.

(3.) Admittedly the income was sought to be included under the head "Profits and gains of business" and computed in terms of Section 80HHC of the Income-tax Act, 1961 (for short "the Act"). Section 80HHC of the Act lays down: