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2020 (10) TMI 460 - HC - Income TaxCorrect head of income - interest income earned from the fixed deposits - ‘income from other source’ or 'business income' - HELD THAT:- Plea raised by the assessee before us that their business had commenced and therefore, the interest amount should be allowed, appears to be raised for the first time before this Court, as the assessee, before the AO, the CIT(A) and the Tribunal, submitted that the fixed deposits were in the pre-operative period and therefore, it had to be considered as part of the project cost. Thus, the plea raised before us for the first time appears to be contrary to the factual position as pleaded by the assessee themselves. Thus, the said contention raised by the assessee is not acceptable. As rightly pointed out by the learned Senior Standing Counsel appearing for the respondent – Revenue, the issue involved has been settled by the Hon’ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. [1997 (7) TMI 4 - SUPREME COURT] and BOKARO STEEL LIMITED [1998 (12) TMI 4 - SUPREME COURT] - Decided against the assessee.
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