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2020 (2) TMI 1148 - DELHI HIGH COURTIncome from other sources - interest derived by the assessee from the borrowed funds which were invested in fixed deposits with banks - HELD THAT:- We admit the appeal. The following substantial questions of law are framed “(i) Whether in the facts and circumstances of the case and in law the ITAT has erred in not appreciating that, during the stage of pre-commencement of business, interest derived by the assessee from the borrowed funds which were invested in fixed deposits with banks would be chargeable to tax under the head 'Income From Other Sources' and would not go to reduce the capital work in progress? (ii) Whether in the facts and circumstances of the case and in law, the Hon'ble ITAT has erred in placing reliance on the Judgement of Delhi High Court i.e. Oil Panipat Power Consortium Ltd vs. ITO [2009 (2) TMI 32 - DELHI HIGH COURT] ? (iii) Whether in the facts and circumstances of the case and in law, the Hon'ble ITAT has erred by not applying the case of Tuticorin Alkali Chemicals & Fertilisers Ltd. Vs. CIT [1997 (7) TMI 4 - SUPREME COURT] ?”
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