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

CBDT amends section 194A with respect to the receiver as specified in section 10(26) of Income tax act

Team Taxcharcha

Tax exemptions for financial help received for COVID treatment from Employers or from any other person

Team Taxcharcha

Guidelines for compulsory selection of Returns for complete scrutiny for FY 2021-22

Team Taxcharcha