https://www.taxtmi.com/caselaws?id=293222 The Tribunal allowed the appeals for both Assessment Years 2009-10 and 2010-11, overturning the decision of the Assessing Officer and CIT(A). It held that the interest received during the construction period should be treated as a capital receipt, not revenue income. The Tribunal found that the interest earned was directly linked to the ongoing construction activities and equity contributions for plant establishment, not from surplus funds. Therefore, the interest income was set off against pre-operative expenses, as it was related to specific purposes like setting up power plants. en-us Wed, 16 Aug 2017 00:00:00 +0530 Sat, 30 Jan 2021 23:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293222 The Tribunal allowed the appeals for both Assessment Years 2009-10 and 2010-11, overturning the decision of the Assessing Officer and CIT(A). It held that the interest received during the construction period should be treated as a capital receipt, not revenue income. The Tribunal found that the interest earned was directly linked to the ongoing construction activities and equity contributions for plant establishment, not from surplus funds. Therefore, the interest income was set off against pre-operative expenses, as it was related to specific purposes like setting up power plants. Case-Laws Income Tax Wed, 16 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293222