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Principal Commissioner of Income Tax-II, Lucknow Versus M/s Prayagraj Power Generation Company, Ltd.

2017 (9) TMI 824 - ALLAHABAD HIGH COURT

Interest income - income earned on FDRs made out of the underutilized fund borrowed for the setting up of the business - should be reduced from the cost of the project instead of taxing it as an income from other sources? - Held that:- Identical ques .....

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to held Interest on Fixed Deposit Receipt has no immediate nexus with the business of Assessee company. Business is yet to commence. So long as Assessee had no business income, the interest earned can not be treated as business income. Thus in our vi .....

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isra For the Respondent : Namit Sharma ORDER 1. Heard Sri Manish Misra, learned counsel for appellant and Sri Namit Sharma, learned counsel for respondent. 2. Both these appeals have been filed by Principal Commissioner of Income Tax (hereinafter ref .....

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einafter referred to as " A.Y.") 2010-11 and 2011-12. 3. These appeals were admitted on three substantial questions of law which are common and, therefore, same are being reproduced from ITA No. 80 of 2016:- "Whether the Income Tax App .....

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es". "Whether the Income Tax Appellate Tribunal is justified in dismissing the department's appeal beyond the law laid down by the Hon'ble Apex Court in Tuticorin Alkali Chemical and Fertilizers Ltd. vs. Commissioner of Income Tax [ .....

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(2) of the Income Tax Act that income by way of interest on securities is taxable even if not arises from the profits and gains of the business or profession". 3. Assessee M/s Prayagraj Power Generation Company Limited (hereinafter referred to a .....

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etting up a 1980 Megawatt coal based thermal power project at Tehsil Bara, District-Allahabad. The business of Assessee company having not commenced, funds available with it, for better investment purposes were placed in short term deposits with sche .....

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st but Assessing Officer (hereinafter referred to as "A.O".) treating the same as "income from other sources" passed assessment order completing assessment by adding aforesaid income from interest as "income from other source .....

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