2018 (6) TMI 1605

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....houdhury,  Mr. Rohan Poddar,  Ms. Smita Das De,   The Court :   The legal question that arises herein is as follows: "Whether the interest income derived from temporary investment of surplus borrowed funds for the business of growing and manufacturing of tea, would fall within the scope of Rule 8 of the Income Tax Rules, 1962?" One of the grounds taken by the ....

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....laya Steels Ltd.), the Supreme Court restricted the operation of the Rule in Pandian Chemicals Ltd. and expressly approved, inter alia, the judgment of this Court in Merinoply and Chemicals Ltd. (209 ITR 508) on the construction of Section 80-IB and Section 80-IC of the Income Tax Act, 1961. The Revenue is represented and accepts the legal position as evident from the judgment in Meghalaya Stee....