RELIANCE TRADING CORPORATION vs INCOME TAX OFFICER

Whether the assessee is entitled for deduction under section 80HHC on interest income earned from surplus funds not immediately required in export business --- Held No. Whether the amendment in section 80HHC by insertion of sub-section (4B) excluding interest income affects deduction for periods prior to amendment --- Held Not applicable as interest income was never eligible. Whether assessee earning interest income not in convertible foreign exchange is eligible for deduction under section 80HHC --- Held No.