https://www.taxtmi.com/caselaws?id=762175 The Tribunal ruled in favor of the appellant, a Central Public Sector Enterprise, by allowing the appeal and setting aside the disallowance of the deduction under Section 80IC on interest earned from fixed deposits. It concluded that the interest, treated as share capital infusion and used for capital expenses with the Central Government's approval, was not part of the appellant's income. The Tribunal found that the Central Government had an overriding title to the interest, thus supporting the appellant's claim that it was a capital receipt rather than a revenue receipt. en-us Fri, 22 Nov 2024 00:00:00 +0530 Mon, 25 Nov 2024 10:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762175 The Tribunal ruled in favor of the appellant, a Central Public Sector Enterprise, by allowing the appeal and setting aside the disallowance of the deduction under Section 80IC on interest earned from fixed deposits. It concluded that the interest, treated as share capital infusion and used for capital expenses with the Central Government's approval, was not part of the appellant's income. The Tribunal found that the Central Government had an overriding title to the interest, thus supporting the appellant's claim that it was a capital receipt rather than a revenue receipt. Case-Laws Income Tax Fri, 22 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762175