https://www.taxtmi.com/caselaws?id=278814 The ITAT dismissed the appeal, confirming the taxability of interest earned on Fixed Deposits during the pre-operative period under 'other sources.' The decision aligned with Supreme Court precedents and a High Court ruling, emphasizing that interest income from FDs cannot be adjusted against project costs. The tribunal held that the interest earned was not connected to the business as funds were kept in FDs and not utilized for the project, ultimately upholding the CIT(A) order and rejecting the appellant's arguments. en-us Tue, 09 May 2017 00:00:00 +0530 Fri, 22 Feb 2019 06:06:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278814 The ITAT dismissed the appeal, confirming the taxability of interest earned on Fixed Deposits during the pre-operative period under 'other sources.' The decision aligned with Supreme Court precedents and a High Court ruling, emphasizing that interest income from FDs cannot be adjusted against project costs. The tribunal held that the interest earned was not connected to the business as funds were kept in FDs and not utilized for the project, ultimately upholding the CIT(A) order and rejecting the appellant's arguments. Case-Laws Income Tax Tue, 09 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278814