Allowing the appeal of the assessee the Court held that interest received on delayed payments for the goods sold is profits and gains from business hence entitle to exemption .( ITA No. 793 of 2006 dt . 26 -9 -2022 (AY. 1997 -98)
Kanakadurga Agro Oil Prodcuts Ltd v. ACIT ( 2022) The Chamber’s Journal -December -P. 86 ( AP)( HC)
S. 80I : Industrial undertakings – Income derived – Interest received from customers for delay in payment of sale consideration – Entitle to exemption .