(iii) Tata Sponge Iron Ltd. v. Commissioner of Income Tax

292 ITR 175High Court2007#5491 most cited

What is (iii) Tata Sponge Iron Ltd. v. Commissioner of Income Tax authority for?

Interest income received from customers on delayed payments for credit sales forms part of the profits and gains of a business and is eligible for deduction under Section 80IA.

21

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2009 to 2024.

Also referred to as

Tata Sponge Iron Ltd. v. CIT · Section 80IA · interest income · delayed payment · credit sales · business profits · deduction

Sections most often in play

Section 194ASection 194HSection 2(28A)Section 201(1)Section 201(1A)Section 250

Issues it is cited on

section 2(28a)section 133a(2a)section 80hsection 194hsection 80hhcinterest under section 201(1a)section 80hhinterest on securitiessection 194asection 201(1a)deduction u/s 80iasection 57

Judgments citing (iii) Tata Sponge Iron Ltd. v. Commissioner of Income Tax

Commissioner of Income Tax Delhi I vs. Bharat Rasayan Ltd

ITA - 796 / 2007HC Delhi30 Nov 2009
Section 80

…following judgments:- - (i) Phatela Cotgin Industries (P) Ltd. v. Commissioner of Income Tax 303 ITR 411 (P&H) - (ii) Commissioner of Income Tax v. Flender Macneil Gears Ltd., 150 ITR 83 (Cal) - (iii) Tata Sponge Iron Ltd. v. Commissioner of Income Tax 292 ITR 175 (Orissa) - (iv) Commissioner of Income Tax v. Indo Matsushita Carbon Co. Ltd., 286 ITR 201 (Mad) - 16. There is no reason to depart from the aforesaid view taken consistently by various High Courts, which is in tune with the principle laid down by the Supreme Court in *Liberty India* (supra). We answer this question in favour of the assessee an…