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2017 (2) TMI 224 - HC - Income TaxInterest charged /earned from purchasers for the period of 90 days on the delayed payment of sale consideration - whether can be said to be income from other sources and /or it can be said to have nexus with its business activities for which the assessee is allowable the deduction under Section 80HHC? - Held that:- Identical question came to be considered by the Division Bench of this Court in the case of Nirma Industries Ltd. Vs. Deputy Commissioner of Income-tax reported in [2006 (2) TMI 92 - GUJARAT High Court] wherein 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.
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