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of <h1>Tribunal upholds inclusion of interest income for deduction under section 80IB</h1> <h3>A.C.I.T., Central Circle-XII, Kolkata Versus Century Aluminiumn Mfg. Co. Ltd.</h3> The Revenue's appeal against the CIT(A)'s decision to include interest income for deduction u/s 80IB was dismissed by the Tribunal. The Tribunal upheld ... - Issues involved: Appeal by Revenue against order of CIT(A)-Central-II, Kolkata for A.Yr. 2007-08 regarding inclusion of interest income in deduction u/s 80IB.Summary:The Revenue appealed against the CIT(A)'s decision to include interest income from a debtor in the calculation of deduction u/s 80IB. The appellant argued that interest income is not derived from the business of industrial operation. The Tribunal noted that a similar issue was decided in favor of the assessee in a previous case. The Tribunal found that the Assessing Officer had included miscellaneous receipts as business income eligible for deduction u/s 80IB, which was contested by the CIT(A). The Tribunal upheld the CIT(A)'s decision to include the interest income for deduction u/s 80IB, as it was derived from debtors on late payment. The appeal of the Revenue was dismissed, confirming the inclusion of the interest income for deduction u/s 80IB.
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