Interest on Share Application Money till allotment is taxable in hands of applicant

HIGH COURT OF GUJARAT Gujarat Power Corporation Ltd. v/s. Income-tax Officer TAX APPEAL NO.99 OF 2000 JUNE 26, 2012 JUDGMENT 1. This appeal is filed by Gujarat Power Corporation Ltd. (hereinafter to be referred to as “the assessee”) challenging the judgment of the Income Tax Appellate Tribunal (“the Tribunal” for short) dated 16.12.1999 rendered in I.T.A. No.1088 of 1994. 2. At the time of admission of the appeal, a question of law was framed. However, with the consent of the learned advocates for the parties, we re-frame such question as follows : R...