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2016 (1) TMI 226 - HC - Income TaxAllowance of set off of interest income earned on the fixed deposits kept for arranging bank guarantees, towards the cost of capital assets - whether the interest earned by the assessee on the fixed deposits kept for managing bank guarantees during pre-operative period would reduce the cost of the capital assets? - ITAT allowed the claim - Held that:- The substantial question of law is answered against the revenue and in favour of the assessee as as in the present case, the assessee had earned interest income on the fixed deposits kept for arranging bank guarantees in the formative period and not that the surplus funds were utilized for earning additional interest income - Decided against revenue
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