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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 ..... . 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:- "Q.1. Whether on the facts and in the circumstances of the case, the learned Bench 'B' of Chandigarh Income Tax Appellate Tribunal (ITAT) had not erred in law in denying the appellant M/s Himach ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 80HHC. Q.4. Whether the learned Bench 'B' has not erred in rejecting all material evidence led by the appellant M/s Himachal Futuristic Communications Limited to establish that the receipts of Rs.51,13,177/- and Rs.47,09,105/- earned by the appellant in the previous year relevant to the assessment year 1996-97 and 1997-98, nominally as interest, were indeed an integral part of the business actua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l undertaking given by way of margin money for purchase of raw materials and giving guarantee for due performance of contract of sale to manufacture goods, cannot be treated as income derived from the business, as such. However, it would qualify the term income derived from other sources of the assessee. 3. The purport of Section 80-IA is no more res integra. The Apex Court has considered the sam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on account of the fact that the category of assessee covered by the said provision was entitled for profit linked incentive. The Apex Court has also noted that the provision such as Section 80IA was Code by itself, as it contained both substantive as well as procedural provision. 4. After this decision, there is hardly any doubt about the sweep of expression "profits and gains derived from any b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed deposit, which, in turn, derives interest is also covered by Section 80IA, cannot be countenanced. For, it cannot be treated as first source income, which is the quintessence for attracting the benefit and incentive provided under Section 80IA of the Act. 5. As aforesaid, the decision of the Apex Court in Liberty India (supra) is an authority on the proposition, which is canvassed before us. A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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