Dismissing the appeal of the revenue the Court held that the Interest charged on delayed payment of sale consideration is assessable as business income and should not be deducted for the purpose of computation u/s 80HHC. Followed CIT v. Nirma Ltd. (2014) 367 ITR 12 (Guj) (HC). ( AY.1991 -92)
PCIT v. Atul Ltd. (2019)103 taxmann.com 249 / 262 Taxman 11 (Guj) (HC) Editorial: SLP of revenue is dismissed, PCIT v. Atul Ltd. (2019) 262 Taxman 10 (SC)
S. 80HHC : Export business–Interest- Business income -Interest charged on delayed payment of sale consideration is assessable as business income.[S. 28(i)]