https://www.taxtmi.com/caselaws?id=200520 Interest earned on temporarily surplus project funds kept in fixed deposits is generally taxable as income from other sources, unless it is directly and inextricably linked with acquisition of assets or raising share capital. Where the interest arises from the public issue process, it may be adjusted against public issue expenses; any balance remains taxable as revenue income. Depreciation on a non-factory building was disallowed because the asset was not used in business and the project had not been commissioned. A challenge to notice under section 143(2) and the jurisdiction of the Addl. CIT was rejected, and the assessment was not treated as void. en-us Thu, 29 Oct 2015 00:00:00 +0530 Tue, 03 Apr 2018 06:43:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200520 Interest earned on temporarily surplus project funds kept in fixed deposits is generally taxable as income from other sources, unless it is directly and inextricably linked with acquisition of assets or raising share capital. Where the interest arises from the public issue process, it may be adjusted against public issue expenses; any balance remains taxable as revenue income. Depreciation on a non-factory building was disallowed because the asset was not used in business and the project had not been commissioned. A challenge to notice under section 143(2) and the jurisdiction of the Addl. CIT was rejected, and the assessment was not treated as void. Case-Laws Income Tax Thu, 29 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200520