Allowability of deduction u/s 80IA on Interest earned by industrial undertaking on late payment received from customers

RELEVANT PARAGRAPH 1. This appeal was admitted and heard on the following substantial question of law: ” Whether the ITAT was correct in law in holding that the interest earned by the assessee on late payment received from the customers is eligible for deduction under section 80-IA of the Income Tax Act, 1961?” 5. Section 80-I of the Act provides for a deduction from the profits and gains, of an amount equal to 20 per cent of thereof in those cases where the gross total income of an assessee includes any profit and gains derived, inter alia, from an industrial undertaking. Sub-sect...