No tax is payable on interest accrued as fixed deposit is under prohibitory order

Bellary Iron-Ores Pvt. Ltd Vs ITO (ITAT Bangalore) ITAT Bangalore held that as assessee has no right to receive the interest accrued on Fixed Deposits due to prohibitory order, the same is not taxable. Facts- The assessee is a Private Limited company engaged in the business of the extraction, processing, manufacturing, and sale of iron ore. The company also owns windmills that generate power. During the year, the company has not carried out mining activities since the mining came to be suspended by the order of Hon’ble Apex Court. The mines of the assessee are situated in the Bellary distric...