Case Law Details
Case Name : CIT Vs Advance Detergents Ltd. (Delhi High Court)
Related Assessment Year :
Courts :
All High Courts Delhi High Court
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?”
11. The respondent assessee, which is an industrial undertaking, had supplied goods to its various customers which had been manufactured by it. Some of these customers did not make payment” in time. The dues which were payable by those buyers attracted interest on late...
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payment delay from debtors side, issued a debit note of interest on delay payment. what is the rate of GST on debit note of interest