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TMI Blog2023 (8) TMI 292X X X X Extracts X X X X X X X X Extracts X X X X ..... at such income cannot be categorized on derived from an eligible business - HELD THAT:- According to us, the interest accrued on fixed deposits, furnished to secure payment of liability towards entry tax, cannot, by any stretch of imagination, be construed as income derived from eligible business i.e., profit and gains derived by an undertaking or an enterprise which is relatable to manufacturin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounsel with Ms Pratishtha Chaudhary and Mr Aditya Gupta, Advocates. RAJIV SHAKDHER, J.: (ORAL) 1. This appeal concerns Assessment Year (AY) 2014-15. 2. Via this appeal, the appellant/assessee seeks to challenge the order dated 31.05.2022, passed by the Income Tax Appellate Tribunal [in short, Tribunal ]. 3. The appeal, according to Mr S. Krishnan, raises a short issue, which is: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy of the writ petition concerning a challenge to the vires of the Himachal Pradesh Tax on entry of Goods into the Local Area Act, 2010 [in short, 2010 Act ]. 5.2 This interim order was passed in line with that which the Supreme Court, evidently, passed in SLP(C) 14454-14778/2008, titled State of Orissa and Ors. v. M/s Reliance Industries Ltd. and Ors. 6. There is no dispute about the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ars on behalf of the respondent/revenue, says that, although the characterization of the income may be incorrect, it would not affect the tax burden imposed on the appellant/assessee, even if the view taken by the Tribunal, that deduction under Section 80IC is not available since it is not income derived from eligible business, is sustained. 9. Having heard the learned counsels for the parties, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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