https://www.taxtmi.com/caselaws?id=421567 The High Court dismissed the appellant's challenge against the ITAT order, which allowed the capitalization of interest on FDRs during the construction period without adhering to RBI guidelines. The court determined that no substantial question of law arose, as the issues were already addressed in previous decisions by the Apex Court and High Court, including those involving Tuticorin Alkali Chemicals and Indian Oil Panipat Power Consortium. The court found that the interest earned on FDRs, linked to setting up plant and machinery, is of a capital nature and not taxable as income. Consequently, the appeal was dismissed, affirming the ITAT's decision. en-us Thu, 31 Mar 2022 00:00:00 +0530 Mon, 23 Dec 2024 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421567 The High Court dismissed the appellant's challenge against the ITAT order, which allowed the capitalization of interest on FDRs during the construction period without adhering to RBI guidelines. The court determined that no substantial question of law arose, as the issues were already addressed in previous decisions by the Apex Court and High Court, including those involving Tuticorin Alkali Chemicals and Indian Oil Panipat Power Consortium. The court found that the interest earned on FDRs, linked to setting up plant and machinery, is of a capital nature and not taxable as income. Consequently, the appeal was dismissed, affirming the ITAT's decision. Case-Laws Income Tax Thu, 31 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421567