1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL NO.610 OF 2008 The Commissioner of Income Tax-VI. ...Appellant. Vs. M/s.Avtar Singh & Co. Pvt. Ltd. ...Respondent. .... Mr. Suresh Kumar for the Appellant. None for the Respondent. ..... CORAM : DR.D.Y.CHANDRACHUD AND J.P.DEVADHAR, JJ. April 9, 2010. P.C. : The appeal has been admitted on the following substantial question of law: “ Whether on the facts and in the circumstances of the case, the Tribunal is justified in law, in directing to allow netting of interest payment of Rs.9,83,828/- against gross interest receipt of Rs.15,21,487/- and thereby holding that interest payment of Rs.9,85,828/- would not form part of indirect cost for the purpose of section 80HHC(3) (b) of the Income Tax Act without controverting the finding of the fact given by CIT(A) that interest payment of Rs.9,83,828/- had no nexus with interest receipt of Rs. 15,21,47/-.” The Respondent is absent though served. Affidavit of service has been filed. 2 The Tribunal has disposed of the appeal with the following directions: “i) as far as the interest is concerned, benefit of netting off will be given; -ii) Profit on DEPB licences would form part of the profit for the purpose of Section 80-HHC.” For the purpose of this appeal, it would suffice if a direction is issued by the Court to the effect that the Assessing Officer shall have due regard to the judgment of this Court dated 18th/19th March 2010 in CIT vs.Asian Star Co.Ltd. (Income Tax Appeal 200 of 2009). In view of this direction, it is not necessary to answer the question of law as framed. The appeal is accordingly disposed of. There shall be no order as to costs. ( Dr.D.Y.Chandrachud, J.) ( J.P.Devadhar, J.)