Receipts inextricably linked to project under implementation are capital receipt

Meja Urja Nigam Pvt. Ltd. Vs ITO (ITAT Allahabad)

In this case, we have observed that there is a clear finding by ld. Assessing Officer/ld. CIT(A) that earnest money(EMD) given by contractors was forfeited by assessee on account of non completion of work and other miscellaneous recoveries were made from contractors. It is undisputed that power plant project of the assessee was under implementation during the impugned ay: 2013-14 and commercial production has not yet started during the impugned assessment year. We have observed that the

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