Interest on FDRs Linked to Project Work Should Offset Expenditure, Not Income; Section 88E Rebate Impact Explained.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Rebate u/s 88E - the interest earned by the assessee on the FDRs has intrinsic and inseggregable nexus with the work undertaken and, therefore, the interest earned by the assessee is capital in nature and shall go towards adjustment against the project expenditure and the same cannot be assessed as income from other sources. - AT....