2013 (7) TMI 143

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....iala, Adv JUDGMENT Justice A. M. Khanwilkar, C.J. (Oral) This appeal has been admitted in terms of order dated 15th October, 2003 in respect of the questions formulated in paragraph 1 of the Appeal Memo. The said questions read thus:- "Q.1. Whether on the facts and in the circumstances of the case, the learned Bench 'B' of Chandigarh Income Tax Appellate Tribunal (ITAT) had not erred i....

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....xporting concern seeking relief under Section 80HHC. Q.4. Whether the learned Bench 'B' has not erred in rejecting all material evidence led by the appellant M/s Himachal Futuristic Communications Limited to establish that the receipts of Rs.51,13,177/- and Rs.47,09,105/- earned by the appellant in the previous year relevant to the assessment year 1996-97 and 1997-98, nominally as interest, wer....

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....on with the business transaction of the Industrial undertaking given by way of margin money for purchase of raw materials and giving guarantee for due performance of contract of sale to manufacture goods, cannot be treated as income derived from the business, as such. However, it would qualify the term income derived from other sources of the assessee. 3. The purport of Section 80-IA is no more....

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....e and no less. This interpretation was necessitated on account of the fact that the category of assessee covered by the said provision was entitled for profit linked incentive. The Apex Court has also noted that the provision such as Section 80IA was Code by itself, as it contained both substantive as well as procedural provision. 4. After this decision, there is hardly any doubt about the swee....