https://www.taxtmi.com/caselaws?id=236930 The ITAT partly allowed the revenue's appeal by upholding the exclusion of interest income from the deduction under Section 80IB but dismissed the revenue's grounds on the issues of bogus purchases and interest payment for late sales tax deposit. The CIT (A) and ITAT found the purchases genuine with supporting documents, and the interest payment compensatory, not penal. The ITAT emphasized the compensatory nature of the interest payment, dismissing the revenue's contentions. The order was pronounced on 24-08-2012. en-us Fri, 24 Aug 2012 00:00:00 +0530 Fri, 13 Sep 2013 07:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236930 The ITAT partly allowed the revenue's appeal by upholding the exclusion of interest income from the deduction under Section 80IB but dismissed the revenue's grounds on the issues of bogus purchases and interest payment for late sales tax deposit. The CIT (A) and ITAT found the purchases genuine with supporting documents, and the interest payment compensatory, not penal. The ITAT emphasized the compensatory nature of the interest payment, dismissing the revenue's contentions. The order was pronounced on 24-08-2012. Case-Laws Income Tax Fri, 24 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236930