https://www.taxtmi.com/caselaws?id=6038 Interest earned during the formative period of a project was held taxable because it was treated as independent income from investments, and the prior rule on such interest remained applicable. By contrast, receipts from house property, guest house, equipment charges, and recoveries from contractors for water and electricity supplied during construction were held directly connected with the setting up of the plant; they were not taxable revenue income and had to be adjusted against project cost. The appeal succeeded only in part, with the interest issue decided against the assessee and the remaining receipts treated as capital in character. en-us Tue, 24 Jul 2001 00:00:00 +0530 Fri, 03 Oct 2025 19:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6038 Interest earned during the formative period of a project was held taxable because it was treated as independent income from investments, and the prior rule on such interest remained applicable. By contrast, receipts from house property, guest house, equipment charges, and recoveries from contractors for water and electricity supplied during construction were held directly connected with the setting up of the plant; they were not taxable revenue income and had to be adjusted against project cost. The appeal succeeded only in part, with the interest issue decided against the assessee and the remaining receipts treated as capital in character. Case-Laws Income Tax Tue, 24 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6038