Case Law Details
Case Name : Pr. CIT Vs. Sangam Power Generation Co. Ltd. (Allahabad High Court)
Appeal Number : ITA No. 87, 88 of 2016
Date of Judgement/Order : 31/08/2017
Related Assessment Year :
Courts :
All High Courts Allahabad High Court
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Pr. CIT Vs. Sangam Power Generation Co. Ltd. (Allahabad High Court)
Where interest on Fixed Deposit Receipt had no immediate nexus with the business of assessee and business was yet to commence, then so long as assessee had no business income, the interest earned could not be treated as business income and it had to be treated as ‘Income from other sources’.
Full Text of the ITAT Order is as follows:-
Heard Sri Manish Misra, learned counsel for appellant and Sri Namit Sharma, learned counsel for respondent.
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