CA Praveen Mittal judiciary-2

Interest Income due to delay in actual start of Project is assessable as Income from other sources

M/s HP Power Transmission Corporation Ltd. Vs The ACIT (ITAT Chandigarh)

The test to decide, as to whether the income is revenue in nature or capital receipt, is that if the funds borrowed are just surplus and by virtue of that circumstances they are invested in fixed deposits the income earned in the form of interest will be taxable under the head 'Income from other sources' [as per ratios of SC decision in 2...

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When order in quantum has been decided in favour of assessee penalty cannot be levied u/s 271(1)(c)

JCIT Vs M/S Nitya Educational Society (ITAT Delhi)

Though in these case the appeal in quantum was decided in favour of the assessee and thereby penalty u/s 271(1)(c) was deleted, there are also cases where the appeal in quantum was decided by Tribunal against the assessee and the appeal was pending before High Court for disposal but High Court had admitted the appeal, even in that case, i...

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