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Case Law Details

Case Name : NCML Varanasi Private Limited Vs ITO (ITAT Delhi)
Related Assessment Year : 2018-19
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NCML Varanasi Private Limited Vs ITO (ITAT Delhi)

It is a fact that both the assessee’s have entered into concession agreements with FCI for construction, operation and maintenance of Silo Complex. In terms of the concession agreements, the assessee’s are required to furnish bank guarantees for which the concerned banks have kept securities by way of fixed deposits. Thus, it cannot be denied that the fixed deposits kept with banks are in connection with the business activity of the assessee. That being the factual position emerging on record

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