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2013 (6) TMI 459 - AT - Income TaxEntitlement to deduction u/s 80-IB(10) on interest received - Held that:- There is no dispute about the fact that the interest in question relates to the amounts payable by the flat buyers in connection with the purchase of the flats from the assessee. Thus perusing the order of the CIT (A) the relief granted to the assessee relying on the judgment of CIT Vs. Bhansali Engineering Polymers Ltd ( 2008 (4) TMI 236 - BOMBAY HIGH COURT). Also as decided in Vidyut Corporation (2010 (4) TMI 229 - BOMBAY HIGH COURT) and find that the same is relevant for the proposition that the interest on belated payment of sales price of goods sold is an allowable deduction u/s 80-IB. The interest received by the assessee in connection with the delay payment of sales proceeds of the traded goods ie flats in this instant case, constitute part of the sales proceeds. Allowability of deduction u/s 80IB(10) in respect of such sales proceeds is not hit adversely by the cited judgment in the case of Liberty India (2009 (8) TMI 63 - SUPREME COURT). Thus order of the CIT (A) does not call for any interference. In favour of assessee.
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