Taxcharcha
Income TaxIncome TaxIncome TaxLatestRecent Case Laws

SLP admitted against the ruling that interest earned on funds deposited prior to commencement of business – SC

BHARTI AIRTEL LIMITED W.P.(C) 6345/2018, CM APPL. 45505/2019

The Supreme Court has granted SLP against the High Court ruling that interest received on funds deposited with the banks borrowed for specific purpose of execution of mega projects prior to commencement of commercial operations will be in nature of capital receipt and will be required to be set off against pre operative expenditure capitalized under the head Capital work in progress and same cannot be brought to tax under head income from other sources.

 

Related posts

GST Update – Rationalisation of late fee for GSTR-9 and Amnesty to GSTR-9 non-filers

Team Taxcharcha

Income Tax Department conducts searches in Rajasthan and Mumbai

Team Taxcharcha

Guidance Note on Audit of Banks (2019 Edition) – ICAI

Team Taxcharcha