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2006 (3) TMI 96 - HC - Income TaxClaim for relief on interest on overdues from trade debtors under sections 80HH and 80-I. - there can be no doubt that the interest earned on the belated payment would, however, be directly relatable to the business of the assessee of forgings. If the purchasers of the forgings did not make the payments for the forgings and then agree to pay the interest on the delayed payments, the said interest would have direct nexus with the business of forgings. The true test would be whether such interest would be available to the assessee otherwise also. - interest being directly relatable only to the amounts receivable by the assessee during the course of its business on account of the sale of forgings, this interest would have to be included as the profits and gains derived from the business of the assessee - Tribunal was right in holding that overdues from trade debtors is eligible for relief under sections 80HH and 80I
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