Discounting charges not amounts to interest and taxable as business income

HIGH COURT OF DELHI Director of Income-tax, International Taxation versus Cargil TSF PTE Ltd. IT APPEAL NOS. 621 TO 624 OF 2012 C.M. APPL. NO. 18532 OF 2012 NOVEMBER 19, 2012 JUDGMENT 1. The present appeals are directed against the three orders of the Income Tax Appellate Tribunal (ITAT) dated 19.08.2011 for the Assessment Years 2005-06, 2006-07 and 2007-08. The question of law sought to be urged on behalf of the Revenue is: “Whether the Tribunal fell into error in holding that the discounting charges earned by the assessee from Indian parties by discounting bills of ex...