2008 (11) TMI 36

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..... 1.   This appeal under Section 260A of the Income Tax Act, 1961 has been filed against the order dated 22.02.2008 passed by the Income Tax Appellate Tribunal in ITA No. 4022/Del/2007 pertaining to the assessment year 2003-2004 The only question raised before the Tribunal by the revenue in its appeal from the order passed by the CIT (Appeals), pertains to the issue of computing the deduct .....

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..... in respect of the provisions of Section 80-I, the material provisions of 80-I and 80-IB are the same for the purposes of the present appeal. After noting the said decision, the Tribunal concluded that the interest received from customers on delayed payments took the character of sale consideration and would, therefore, constitute part of the profits and gains derived from the industrial undertaki .....

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..... from customers on late payment of sale consideration, it was necessary that the same be verified. For this purpose, the Tribunal directed that the Assessing Officer shall verify the facts in this regard and allow the deduction if interest had been received on account of late payment of sale consideration. The Tribunal allowed the payments subject to this verification. 5.   We see no rea .....

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