Interest on payment overdue from customer is deductible u/s. 80-IC

HIGH COURT OF GAUHATI Commissioner of Income-tax, Guwahati-II Versus Universal Pipes (P.) Ltd. IT APPEAL NO. 25 OF 2011 OCTOBER 19, 2012 JUDGMENT Amitava Roy, J. This appeal witnesses a challenge to the judgment and order dated 11.03.2011, rendered by the Income Tax Appellate Tribunal, Gauhati Bench, Guwahati (for short hereafter referred to as the learned Tribunal) in ITA No.80(Gau)/2007. The assailment, however, is limited to its finding on the issue as to whether the income of the respondent-assessee by way of interest amounting to Rs. 3,13,91,602/- was deductible under sec...