Interest on Deposits with Mega Power Projects & UL Pool Linked to Business is Business Income

PCIT Vs Gujarat Urja Vikas Nigam Ltd. (Gujarat High Court) Gujarat High Court recently delivered a significant judgment in the tax appeal filed by the Principal Commissioner of Income Tax (PCIT) against Gujarat Urja Vikas Nigam Ltd. (GUVNL). The appeal, stemming from an order of the Income Tax Appellate Tribunal (ITAT), Ahmedabad, for the assessment year 2010-11, addressed four substantial questions of law concerning the Income Tax Act, 1961. The High Court largely upheld the ITAT’s findings, dismissing most of the Revenue’s contentions. The tax appeal originated from the ITAT̵...