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Case Law Details

Case Name : Jaypee Powergrid Limited Vs ITO (ITAT Delhi)
Related Assessment Year : 2011-12
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Jaypee Powergrid Limited Vs ITO (ITAT Delhi)

It is clear upon a perusal of the facts as found by the authorities below that the funds in the form of share capital were infused for the specific purpose of acquiring land and the development of infrastructure. Therefore, the interest earned on funds primarily brought for infusion in the business could not have been classified as income from other sources. Since the income was earned in a period prior to commencement of business, it was in the nature of capital receipt and hence

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