https://www.taxtmi.com/caselaws?id=329340 The High Court held that interest income earned on deposits for purchasing plant and machinery should be treated as a capital receipt to reduce the cost of the asset. The Court found that such income was directly linked to acquiring assets and was incidental to setting up the plant and machinery. Therefore, the Court ruled in favor of the assessee, disagreeing with the ITAT's decision, and allowed the Tax Appeals. en-us Wed, 22 Jun 2016 00:00:00 +0530 Wed, 29 Jun 2016 20:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329340 The High Court held that interest income earned on deposits for purchasing plant and machinery should be treated as a capital receipt to reduce the cost of the asset. The Court found that such income was directly linked to acquiring assets and was incidental to setting up the plant and machinery. Therefore, the Court ruled in favor of the assessee, disagreeing with the ITAT's decision, and allowed the Tax Appeals. Case-Laws Income Tax Wed, 22 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329340