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2024 (9) TMI 1136 - SCH - Income TaxCapitalisation of interest on FDRs earned during the period of construction - utilizing the ECB funds the assessee did not follow the RBI guidelines - delay filling in SLP - Whether ITAT has erred in allowing the capitalisation of interest on FDRs earned during the period of construction without appreciating the fact that while utilizing the ECB funds the assessee did not follow the RBI guidelines also failed to consider the various decisions of the Apex Court? As decided by HC 2022 (6) TMI 190 - DELHI HIGH COURT funds infused in the assessee by the joint venture partner were inextricably linked with the setting up of the plant, the interest earned by the assessee could not be treated as income from other sources. In the result we answer the question as framed in favour of the assessee and no substantial question of law arises for consideration - HELD THAT - There is a delay of 699 days in filing the present special leave petition. We are not inclined to condone the long delay. In view of the aforesaid, the application for condonation of delay is dismissed. Consequently, the special leave petition will be treated as dismissed
The Supreme Court dismissed the special leave petition due to a delay of 699 days in filing it, and declined to condone the delay. Any pending applications were also disposed of.
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