TaxTMI 
TaxTMI 
2023 (5) TMI 1509
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....sed u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred as 'the Act') by the ACIT, CC 14, New Delhi (hereinafter referred as the Ld. AO). 2. The facts in brief are the assessee company is engaged in the business of developing of any infrastructure facility and claims that it is eligible for a deduction of an amount equal to 100% of the profits and gains derived from such business for any ten consecutive assessment years out of 20 years from the year, in which it develops or begins to operate. During the course of assessment proceedings, Ld. AO noticed that the assesses company has claimed deduction u/s 80IA amounting to Rs.3,52,36,118/-. The assessee was asked to furnish the details in support of its claim and after going throug....
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....red to open an Escrow Account with Bank. These accounts always remained under the control of the Bank as the appellant was never permitted to use the amount at its discretion but continued to earn interest on the same. The ld. AR made detailed submission in this respect. The primary factor is in respect of the earning of such income which has direct nexus with the business. For such allowances, the income has to bear direct nexus with the main business activity of the assessee. The assessee earns this interest from bank FDR albeit mandatory, the relatability or base nexus with the business is absent here." 4. The assessee is in appeal raising following grounds :- "1. The Ld. AO has erred in holding that Rs. 91,22,663/- is not el....
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....the month when due unless otherwise expressly provided in the instruction letter in the order stated below: (a) All Lease rentals due to Railway from the Concessionaire company under this Agreement; (b) Any payments and Damages due and payable by the concessionaire to Railway pursuant to this Agreement; and (c) Balance in accordance with extant applicable laws and as per terms & conditions mutually agreed between Tie concessionaire and the Senior Lenders) / Lender(s); 9.2.3 The Concessionaire shall not in any manner modify the order of payment specified in this Article 9.2 except with the prior written approval of Railway. 9.2.4 Any Termination Payment made by Railway into the Escrow Account shal....
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.... this Bank. Clause 9.2.1 of Concession agreement provided that all funds constituting the Financing Package for meeting the Total Project Cost shall be credited to such Escrow Account. 8. The Escrow and Retention Agreement is available at page no. 255 to 369 of the paper book and which mentions that the concerned bank will be empowered to deploy the surplus funds of the appellant in permitted investments mentioned in the schedule. The clause 4.11 of the agreement available at page no. 287 of the paper book provided that the investments of amount deposited in Escrow account shall be invested in permitted investments. This clause further provided sub clause (iii) that such investments are to be in the name of company and shall be deemed to....