9911796707
TMI Blog2017 (2) TMI 224X X X X Extracts X X X X X X X X Extracts X X X X ..... specifically observed and held by the Division Bench of this Court that such amount of interest received on late payment of sale consideration can be said to have been derived from business and the same is included in profits for the purpose of Section 80-I of the Income Tax Act, 1961 We are in complete agreement with the view that the interest earned /charged by the assessee on the delayed payment of sale consideration (for 90 days) is not required to be excluded for the purpose of computation of deduction under Section 80HHC of the Act. No substantial question of law arises in the present Tax Appeal. X X X X Extracts X X X X X X X X Extracts X X X X ..... of Income Tax Vs. Nirma Ltd. reported in 2014 (367) ITR 12. Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned tribunal in directing not to exclude the finance changes for a credit period of 90 days under Section 80HHC of the Act, revenue has preferred the present Appeal with the above stated questions. [3.0] Ms. Mauna Bhatt, learned advocate appearing on behalf of the revenue has submitted that the learned tribunal has not properly appreciated the fact that the interest charged by the assessee for the period of 90 days on delayed payment of sale consideration by the purchaser has no nexus with the business activities. It is submitted that the learned tribunal has not properly appreciated the fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received on late payment of sale consideration and the question was whether the said amount can be said to be arrived from business or not. It is specifically observed and held by the Division Bench of this Court that such amount of interest received on late payment of sale consideration can be said to have been derived from business and the same is included in profits for the purpose of Section 80-I of the Income Tax Act, 1961. The said decision has been subsequently followed by the Division Bench of this Court in the case of Commissioner of Income Tax Vs. Nirma Ltd. reported in 2014 (367) ITR 12, the decision which has been relied upon by the learned tribunal while passing the impugned judgment and order. The submissions on behalf of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
