Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 1930 - ITAT DELHIAddition of interest income earned on the deposits by the assessee during the construction period - whether total income of a person includes all the income earned (received) or deemed to be earned (received) by the person in the previous year? - CIT-A deleted the addition - HELD THAT:- It is noticed that an identical issue having similar facts was a subject matter of the departmental appeal for the assessment year 2010-11 in NTPC Tamil Nadu Energy Co. Ltd., New Delhi [2016 (3) TMI 49 - ITAT DELHI] wherein held interest incomes are also inextricably linked with the setting up of the power plant and such incomes have gone on to reduce the expenses for setting up of the plant and as there was no surplus funds available with the appellant company, therefore, such income is required to be capitalized to be set off against the pre operative expenses. As such the A.O. is not justified in adding the sum as income from other source u/s 56 - Decided in favour of assessee
|