TMI Blog2015 (1) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... the decision of Hon'ble Jurisdictional High Court in the case of Sasan Power Ltd. (supra) which is pending for adjudication. - Held that:- The decision of Hon'ble Jurisdictional High Court is binding upon all the authorities working within the jurisdiction of the said High Court. Therefore, the decision of Hon'ble Jurisdictional High Court in the case of Sasan Power Ltd. (supra) is binding on the ITAT as well as the CIT(A) in Delhi irrespective of the Revenue’s challenge to the above decision in SLP before the Hon’ble Apex Court. Unless and until the said decision is modified or reversed by the Hon'ble Jurisdictional High Court, the same would be binding on all the authorities within the jurisdiction of Hon'ble Delhi High Court. In view o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uary, 2012 (ITA 10/2012) by the Hon ble High Court of Delhi as follows:- 11. In Indian Oil Panipat Power Consortium Ltd. (supra), it has been held that where interest is on money received as share capital, which is temporarily placed in fixed deposit awaiting acquisition of land, the claim that the interest is in the nature of a capital receipt liable to be set off against pre-operative expenses, is acceptable, since the funds infused in the assessee company by the joint venture partners are inextricably linked with the setting up of the plant and the interest earned cannot be treated as income from other sources. Indian Oil Panipat Power Consortium Ltd. (supra) is squarely applicable to the present case, as discussed. This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allow the netting off of interest before determining the business profit of the appellant company. 4. From the above, it is evident that the learned CIT(A) allowed the relief following the decision of Hon'ble Jurisdictional High Court in the case of CIT Vs. Sasan Power Ltd. vide ITA No.10/2012 and Shree Ram Honda Power Equipment 289 ITR 475. The Revenue has not disputed the applicability of the above decisions to the facts of the assessee s case. From ground No.2 of the Revenue s appeal, it is evident that the Revenue is disputing the matter in appeal because the Revenue has filed the SLP against the decision of Hon'ble Jurisdictional High Court in the case of Sasan Power Ltd. (supra) which is pending for adjudication. The de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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