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TMI Blog2013 (7) TMI 143X X X X Extracts X X X X X X X X Extracts X X X X ..... st source income, which is the quintessence for attracting the benefit and incentive provided under Section 80IA of the Act - Following decision of Liberty India vs. Commissioner of Income Tax [2009 (8) TMI 63 - SUPREME COURT] and CIT vs. Shahi Export House [2010 (8) TMI 785 - DELHI HIGH COURT] - Decided in favour of revenue. - ITA No. 29 of 2003 - - - Dated:- 30-5-2013 - A. M. Khanwilkar CJ And R. B. Misra,JJ. For the Appellant : Mr. Raman Sethi, Adv For the Respondent : Ms. Vandana Kuthiala, Adv JUDGMENT Justice A. M. Khanwilkar, C.J. (Oral) This appeal has been admitted in terms of order dated 15th October, 2003 in respect of the questions formulated in paragraph 1 of the Appeal Memo. The said questions read thus: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applying the Supreme Court's decision in CIT vs. Karnal Cooperative Sugar Mills Limited 243 ITR 2 and CIT vs. Bokaro Steel Limited 236 ITR 315 2. The core issue that needs to be answered is dependant on the interpretation of expression profits and gains derived from an industrial undertaking occurring in Section 80HH, 80-I and 80-IA of the Income Tax Act. The Appellate Tribunal relying on the decisions pressed into service by the respective parties before it answered the same against the assessee. The Appellate Tribunal has held that income derived by the appellant by way of interest on the fixed deposit, which incidentally was in connection with the business transaction of the Industrial undertaking given by way of margin money for p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ep of expression profits and gains derived from any business of an industrial undertaking referred to in sub-section (4). It is unnecessary to multiply the authorities on the point under consideration, which both sides wanted to rely in support of their respective submissions, except to mention that the counsel for the appellant vehemently persuaded us to accept the analogy stated by the Delhi High Court in the case reported in CIT vs. Shahi Export House (2010) 195 Taxman 163. That decision, however, is an authority on the interpretation of Section 80HHC of the Income Tax Act, which is entirely different and is also a selfcontained Code by itself. As aforesaid, the argument that if the profit is linked or having nexus with the business, a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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