Pre-commencement Interest income is capital receipt

ITO Vs KSK Wind Energy Halagali Benchi Pvt. Ltd. (ITAT Hyderabad)

Assessee’s have been incorporated on 03-01-2011 with the object of generation of electricity from non-conventional sources, the project of which is proposed in the state of Karnataka and for this purpose investments have been received in the form of equity capital of the assessee companies and equity shares were issued on 13-07-2011. It was submitted that the assessee’s faced certain bottle-necks in implementing the envisaged power projects such as delays

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