https://www.taxtmi.com/caselaws?id=377436 The ITAT Mumbai ruled in favor of the assessee, holding that the interest income earned on Fixed Deposits Receipts and Inter-Corporate Deposits was a capital receipt. The Tribunal determined that the interest income should not be taxed under the normal provisions of the Income Tax Act or under Section 115JB. Additionally, the ITAT emphasized the binding nature of judicial precedents on lower authorities and criticized the AO and CIT(A) for not following such precedents. The Tribunal's decision allowed the appeals of the assessee for the assessment years 2013-14, 2014-15, and 2015-16, reinforcing the principle that capital receipts should not be taxed. en-us Wed, 20 Mar 2019 00:00:00 +0530 Fri, 29 Mar 2019 08:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377436 The ITAT Mumbai ruled in favor of the assessee, holding that the interest income earned on Fixed Deposits Receipts and Inter-Corporate Deposits was a capital receipt. The Tribunal determined that the interest income should not be taxed under the normal provisions of the Income Tax Act or under Section 115JB. Additionally, the ITAT emphasized the binding nature of judicial precedents on lower authorities and criticized the AO and CIT(A) for not following such precedents. The Tribunal's decision allowed the appeals of the assessee for the assessment years 2013-14, 2014-15, and 2015-16, reinforcing the principle that capital receipts should not be taxed. Case-Laws Income Tax Wed, 20 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377436