TMI Blog2017 (9) TMI 824X X X X Extracts X X X X X X X X Extracts X X X X ..... estions in relation to another company M/s Sangam Power Generation Company which is also a 100 percent subsidiary company of M/s Jaiprakash Power Ventures Limited have been considered and decided by this Court [2017 (9) TMI 737 - ALLAHABAD HIGH COURT] 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 Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls No. 625 and 626/LKW/2013 relating to Assessment Years (hereinafter 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 Appellate Tribunal is justified in holding that interest income, earned on FDRs made out of the unut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 3. Assessee M/s Prayagraj Power Generation Company Limited (hereinafter referred to as Assesses Company ) was incorporated to undergo in the business of power and energy. During the A.Y in question, Assessee company which is 100 percent subsidiary of M/s Jaiprakash Power Venture Limited was in the process of setting up a 1980 Megawatt coal based thermal power project at Tehsil Bara, Dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT (A)) but Tribunal took a different view and deleted the aforesaid additions. Hence these appeals. 5. Identical questions in relation to another company M/s Sangam Power Generation Company which is also a 100 percent subsidiary company of M/s Jaiprakash Power Ventures Limited have been considered and decided by this Court vide order of date passed in ITA No. 87 of 2016 and ITA No. 88 of 2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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