Itxa/3900/2009 Of The Commissionser Of Income Tax -3 Mumbai v. M/S. Vinyl Chemicals Ltd

sas IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.3900 OF 2009 The Commissioner of Income Tax-3 ..Appellant. V/s. M/s. Vinyl Chemicals (I) Ltd. ..Respondent. Mr. Suresh Kumar for appellant. Mr. Jas Sangvhi i/b. PDS Legal for respondent. CORAM : J.P. DEVADHAR AND R.M. SAVANT, JJ. DATED : 22ND NOVEMBER, 2010 P.C. :- 1.Heard. The question raised by the revenue in this appeal against the order of the Tribunal dated 12/08/2008 reads as under:- “ Whether on the facts and in the circumstances of the case and in law, the ITAT was right in holding that as regard deduction U/s.80I, the ITAT has held that late payment charges received from the debtors relate to sales effected by the assessee and the same is to be treated as business receipts while computing deduction u/s. 80 I of the Act ? “ Learned counsel for the revenue fairly states that the aforesaid question is answered against the revenue in the case of Commissioner of Income-tax V/s. Vidyut Corporation reported in [2010] 324 ITR 221 (Bom). For the reasons recorded in the aforesaid judgment, the appeal is dismissed with no order as to costs. (R.M. SAVANT, J.) (J.P. DEVADHAR, J.)