Interest Not Taxable Due to Direct Nexus with Real Estate Project: Delhi HC

PCIT-1 Vs Brahma Center Development Pvt. Ltd. (Delhi High Court) In PCIT-1 Vs Brahma Center Development Pvt. Ltd., the Delhi High Court considered an appeal filed by the Revenue challenging an order of the Income Tax Appellate Tribunal (ITAT) dated 17.07.2023. The Tribunal had allowed the assessee’s appeal by holding that interest earned on fixed deposit receipts (FDRs) was not taxable as “income from other sources,” as it was linked to the business project. At the outset, the Court condoned delays of 56 days in filing and 546 days in re-filing the appeal. The substantive dispute related...