https://www.taxtmi.com/caselaws?id=434540 The ITAT directed the Assessing Officer to treat the interest income as capital income and reduce it from the capital work-in-progress, aligning with the view that the interest earned was inextricably linked to the project funds. The ITAT upheld the AO's decision to treat the expenses as pre-operative expenditure and add them to the capital work-in-progress. The appeal was partly allowed, with the ITAT ruling in favor of the assessee on the classification of interest income and in favor of the AO on the treatment of expenses. en-us Mon, 02 Jan 2023 00:00:00 +0530 Mon, 27 Feb 2023 08:14:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434540 The ITAT directed the Assessing Officer to treat the interest income as capital income and reduce it from the capital work-in-progress, aligning with the view that the interest earned was inextricably linked to the project funds. The ITAT upheld the AO's decision to treat the expenses as pre-operative expenditure and add them to the capital work-in-progress. The appeal was partly allowed, with the ITAT ruling in favor of the assessee on the classification of interest income and in favor of the AO on the treatment of expenses. Case-Laws Income Tax Mon, 02 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434540