2009 (2) TMI 79

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....llowing question was formulated: "Whether on the facts and circumstances of the case, the Appellate Tribunal has substantially erred in law in allowing deduction under section 32AB of the Income Tax Act in respect of interest income?" With a further direction that this Tax Appeal is to be heard along with Tax Appeal Nos. 554 of 1999; 556 of 1999 and 246 of 2000. At the outset learned senior sta....

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....le passing the impugned order dated 15/7/1999 has relied upon the findings recorded by Commissioner (Appeals) and confirmed the same. Thus, both the appellate authorities have concurrently found that the interest earned by the assessee is part & parcel of the business income comprising of the business of manufacturing & selling of the goods, and the corresponding payment of interest has been allow....