https://www.taxtmi.com/caselaws?id=459714 The Tribunal concluded that the interest earned by the assessee, a public sector undertaking, on funds held for acquiring coal mines could be set off against expenses incurred during construction, reducing the work-in-progress balance. The interest was deemed a capital receipt connected to business activities and not taxable under "Income from other sources." The Tribunal relied on the Supreme Court ruling in Bokaro Steels Ltd., allowing the appeal and directing the deletion of the addition made by the AO. The decision was pronounced on 6th April 2018. en-us Fri, 06 Apr 2018 00:00:00 +0530 Tue, 24 Dec 2024 20:36:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459714 The Tribunal concluded that the interest earned by the assessee, a public sector undertaking, on funds held for acquiring coal mines could be set off against expenses incurred during construction, reducing the work-in-progress balance. The interest was deemed a capital receipt connected to business activities and not taxable under "Income from other sources." The Tribunal relied on the Supreme Court ruling in Bokaro Steels Ltd., allowing the appeal and directing the deletion of the addition made by the AO. The decision was pronounced on 6th April 2018. Case-Laws Income Tax Fri, 06 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459714