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2017 (8) TMI 1419 - DELHI HIGH COURTTaxability of interest income as dependent upon subsequent use of the interest income - Held that:- The undisputed fact, as noted by the ITAT, is that the said interest income was earned by the Assessee on the deposit of advances received from REC Ltd. for Rajiv Gandhi Gramin Vidyutikaran Yojana (‘RGGVY’). A Memorandum of Understanding (‘MOU’) was signed on 16th August 2004 between REC and the Assessee whereby inter alia it was agreed that interest earned on the deposits would be used as part of the cost of the projects and no other purpose. In the circumstances, the view taken by the CIT (A) and affirmed by the ITAT, does not suffer from legal infirmity so as to give rise to any substantial question of law.
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