Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (1) TMI 1106 - AT - Income TaxCorrect head of income - interest income on fixed deposits in Banks - Income from other sources or business income - HELD THAT:- There is no dispute that assessee earned interest on deposit in Bank. Further, there is no dispute that the assessee is under the process of setting up of infrastructure facility of Expressway from Sikar to Bikaner. The assessee reduced the interest from its work-in- progress. We have noted that on identical grounds of appeal, the coordinate bench of this Tribunal in Jorabat Shillong Expressway Ltd. [2019 (7) TMI 1565 - ITAT MUMBAI] As decided in INDIAN OIL PANIPAT POWER CONSORTIUM LIMITED, NEW DELHI [2009 (2) TMI 32 - DELHI HIGH COURT] funds infused in the assessee by the joint venture partner were inextricably linked with the setting up of the plant, so the interest earned could not be treated as income from other sources - Decided in favour of assessee.
|