https://www.taxtmi.com/caselaws?id=292654 The High Court dismissed the Revenue's appeals as no substantial question of law was found. The interest income was deemed linked to the project, following precedent that income connected to the business should be deducted from project costs. Additionally, the deletion of unutilized CENVAT credit was upheld, as attributing it to closing stock without adjusting purchases would be redundant for tax purposes. Therefore, the appeals were dismissed, affirming the decisions of the CIT(A) and Tribunal. en-us Mon, 02 Mar 2020 00:00:00 +0530 Sun, 03 Jan 2021 10:47:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292654 The High Court dismissed the Revenue's appeals as no substantial question of law was found. The interest income was deemed linked to the project, following precedent that income connected to the business should be deducted from project costs. Additionally, the deletion of unutilized CENVAT credit was upheld, as attributing it to closing stock without adjusting purchases would be redundant for tax purposes. Therefore, the appeals were dismissed, affirming the decisions of the CIT(A) and Tribunal. Case-Laws Income Tax Mon, 02 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292654