2018 (2) TMI 1764

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..... - Business income or Income from Other sources - ITAT allowed the assessee’s claim that the interest was inextricably linked to the setting up of the project and therefore, constituted business income. - Held that:- It is evident that both the lower authorities followed the ruling of the Supreme Court on the question of treatment of interest in such cases. Furthermore, this Court too has in the c .....

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..... . Bokaro Steel Ltd., 236 ITR 315. The CIT(A) also noticed that in NTPC SAIL Power Supply Company (P.) Ltd. Vs. CIT (ITA no. 1238 decided on 17.7.2012), this Court had allowed the assessee's claim that the interest was inextricably linked to the setting up of the project and therefore, constituted business income. The ITAT concurred with the CIT(A)'s decision in rejecting the Revenue's appeal. It .....

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