ITA No.121 of 2011 IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH. ITA No.121 of 2011 Date of decision: 20.5.2011 Vishal Tools & Forgings Private Limited -----Appellant Vs. Commissioner of Income Tax, Jalandhar (Punjab) ----Respondent CORAM:- HON'BLE MR JUSTICE ADARSH KUMAR GOEL ACTING CHIEF JUSTICE HON’BLE MR. JUSTICE AJAY KUMAR MITTAL Present:- Mr. Pankaj Jain, Advocate with Mr. D.K.Goyal, Advocate for the appellant. Adarsh Kumar Goel, ACJ. This appeal has been preferred by the assessee under section 260A of the Income Tax Act, 1961 (‘the Act’) against the order passed by the Income Tax Appellate Tribunal, Amritsar Bench Amritsar dated 21.10.2009 in ITA No.156/Asr/2009, claiming following substantial questions of law:- “A) Whether on the true and correct interpretation of section 234B the levy of interest is mandatory where there is a conflict of decision and admitted that liability stands paid? B) Whether on the true and correct interpretation of section 57(iii) of the claim of expenditure for earning the interest is to be allowed under the head Income from other sources while computing the chargeable income? C) Whether on the true and correct interpretation of the provision of section 80HHC read with section 80IA (9) 1 ITA No.121 of 2011 read with section 80IB (13) the Tribunal ahs erred in restricting the claim of deduction under the Act?” Learned counsel for the assessee states that he is not pressing Question ‘B’, while questions ‘A’ and ‘C’ are covered against the assessee by earlier orders of this Court dated 16.7.2010 in ITR No.2 of 1996, The Commissioner of Income Tax (Central) Ludhiana v. M/s Hero Cycles (P) Limited and dated 21.4.2011 in ITA No.371 of 2007, Commissioner of Income Tax (Central) Ludhiana v. M/s Davinder Exports. In view of above, this appeal is dismissed. (Adarsh Kumar Goel) Acting Chief Justice May 20, 2011 (Ajay Kumar Mittal) ‘gs’ Judge 2