Section 80IE Deduction eligible on VAT remission & Late Payment Interest

Maithan Alloys Ltd. Vs PCIT (ITAT Kolkata) PCIT revised the assessment and  held that the interest earned by the assessee from late payment from the sundry debtors and VAT remission shown as miscellaneous income are not the part of the eligible profit u/s 80IE of the Act and therefore deduction u/s 80IE has been allowed in excess resulting into the mistake in the assessment order which has caused prejudice to the revenue. So far as the issue of interest from sundry debtors is concerned, we find that the same is arising from business activity of the assessee and has been treated as part of the...