Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (6) TMI 179 - AT - Income TaxEligibility for deduction u/s 80IA of the Act - Interest on delayed payment - Sale proceeds of power generated mills – Held that:- The assessee is engaged in the business of generation of power from windmill and sale – Following M/s Liberty India Versus Commissioner of Income Tax [2009 (8) TMI 63 - SUPREME COURT] - what was received by the assessee from the purchaser was a component of interest towards delayed payment of the price of the goods sold, supplied and delivered by the assessee - the price realized by the assessee from the sale of goods manufactured by the price realized by the assessee from the sale of goods manufactured by the industrial undertaking constituted a component of the profits and gains derived from the eligible business - The purchaser, on account of the delay in payment of the sale price also paid interest to the assessee - This formed a component of the sale price also paid interest to the assessee - This formed a component of the sale price and was paid towards the lag which had occurred in the payment of the price of the goods sold by the assessee - the payment of interest on account of the delay in payment of the sale price of the goods supplied by the undertaking partook of the same nature and character as the sale consideration – thus, the direction given by the learned Commissioner (Appeals) is legally and factually correct and the same is upheld – Decided against Revenue.
|