Case Law Details
Adani Ports & Special Economic Vs Commissioner of Income Tax (ITAT Ahmedabad)
ITAT Ahmedabad held that interest income related to FD interest, interest from customer’s receipts and interest income from business advances is eligible for deduction under section 80IAB of the Income Tax Act.
Facts- Assessee has preferred the present appeal contesting that CIT(A) has erred in confirming disallowance made by the Assessing Officer while computing Profits and Gains eligible for deduction u/s.80-IAB of the IT. Act, thereby holding that Interest Income derived by the appellant from business advances cannot be considered to be inextricably linked to the carrying on of the business eligible u/s.80-IAB of the I. T. Act.
Conclusion- In respect of interest income related to FD interest, interest from customer’s receipts and interest income from business advances, the said issue has been allowed by the Tribunal in A.Ys. 2008-09, 2009-10 & 2010-11. The facts are identical in the present assessment year as well. The Ld. DR could not point out any distinguishing facts and the decisions relied upon by the Ld. DR are on different facts As regards scrap sale income and currency swap income, the same is also identical as referred by the assessee to various decisions before us and no distinguishing facts were pointed out by the Ld. DR.
FULL TEXT OF THE ORDER OF ITAT AHMEDABAD
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