Bombay High Court
Commissioner Of Income-Tax vs Buckau Wolf New India Engineering … on 17 November, 1988
Bench: S Bharucha, T Sugla
JUDGMENT
S.P. Bharucha, J.
1. The only question that arises for consideration in this reference reads thus :
“Whether, on the facts and in the circumstances of the case the Tribunal was justified in holding that the assessee was entitled to deduction under section 80-I on the interest of Rs. 3,39,960 received on outstanding sale proceeds of machines manufactured by it ?”
2. The issue has been decided by this court in the assessee’s own case in regard to the earlier years, CIT v. Buckau Wolf New India Engineering Works Ltd., [1984] 150 ITR 180. Accordingly, counsel are agreed that the question must be answered in the affirmative and in favour of the assessee.
3. The question is so answered.
4. No order as to cost.