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Interest Income due to delay in actual start of Project is assessable as Income from other sources
Case Law Details
- Case Name
- M/s HP Power Transmission Corporation Ltd. Vs The ACIT (ITAT Chandigarh)
- Appeal Number
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Chandigarh
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Brief facts
Assessee Company, a Himachal Pradesh Govt undertaking, received fund from Govt of Himachal Pradesh towards purchase of Transmission. Due to certain legal entanglements said Transmission could not be purchased for some time and during that time the fund so received was kept by Assessee Company in bank deposits accounts. The Assessee Company earned interest on such deposits in bank but did not consider the same as Income while filing its Return of Income of the year. While doing the scrutiny assessment for the year AO treated the interest received from bank as revenue receipt and cha...
