2017 (5) TMI 1560

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....auhan, Judge. For the Appellant : Mr.Vinay Kuthiala, Sr. Advocate with Ms.Vandana Kuthiala, Advocate. For the Respondent: Mr.Vishal Mohan & Mr.Sushant Keprate, Advocates. JUDGEMENT Sanjay Karol, Acting Chief Justice, (Oral) Having heard learned counsel for the parties and also perused the records made available, we find the substantial question of law on which the appeal(s) came to ....

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....are not paid at the proper time and interest is awarded or paid for such delay, such interest is only an accretion to the assessee's receipts from the contracts. It is obviously attributable and incidental to the business carried on by him. It would not be correct, as the Tribunal has held, to say that this interest is totally de hors the contract business carried on by the assessee. It is wel....

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....ee and against the Revenue." 2. In the instant case, unlike that of the case before the Hon'ble Apex Court in Pandian Chemicals Ltd. versus Commissioner of Income-Tax, ITR 2003 (Volume 262) 278, the interest on the late payments was received by the assessee, from the Electricity Board, in relation to the supply of electricity to the Board and in terms of the agreement. As such, in view of the l....