Treatment of Interest on Fixed Deposit – ITAT remanded case Back to AO

Angul Sukinda Railway Ltd. Vs ITO (ITAT Cuttack) We find that during the course of assessment proceedings the assessee explained before the AO with regard to interest on mobilization advance is a capital receipt, therefore, it has been reduced from the capital work-in-progress and in case of interest earned on fixed deposit/flexi deposits is a business income, therefore, it has been treated as a revenue income. The AO did not accept the claim of the assessee and treated the same as income from other sources. In appeal, the CIT(A) accepted the claim of the assessee in regard to interest on mobi...