Dismissing the appeal of the revenue the Court held that, only be net interest excluding expenditure incurred in earning such interest income which had to be excluded for purpose of computing deduction available under section 80-IA. Followed ACG Associated Capsules (P) Ltd. v. CIT (2012) 343 ITR 89 (SC) (AY.2005 -06)
CIT v. CLP India (P.) Ltd. (2019] 103 taxmann.com 442 / 262 Taxman 204 (Guj.)(HC) Editorial: SLP of revenue is dismissed, CIT v. CLP India (P.) Ltd. (2019) 262 Taxman 203 (SC)
S. 80IA : Industrial undertakings-Net interest excluding expenditure incurred in earning such interest income which had to be excluded for purpose of computing deduction.