Interest Income Linked to Project Development Activities is Not Taxable: ITAT Delhi

International Coal Ventures Private Limited Vs ITO (ITAT Delhi) The appeal before the Income Tax Appellate Tribunal, Delhi, arose from the order of the Commissioner of Income-tax (Appeals), who had directed that the entire interest earned by the assessee be taxed under the head “Income from other sources.” The assessee, a public sector undertaking incorporated as a special purpose vehicle by five government entities, was formed to acquire coal mines and assets outside India. During the relevant assessment year 2012–13, the assessee received ₹157 crore as call money from one promoter an...