ACIT CIRCLE-1(1) BHUBANESWAR, BHUBANESWAR vs. POSCO INDIA PRIVATE LIMITED, BHUBANESWAR

ITA 519/CTK/2025Status: DisposedITAT Cuttack03 June 2026AY 2017-186 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision, following a coordinate bench's ruling that interest on FDs in such cases is a capital receipt. The revenue's appeal was dismissed.

What were the facts?

The revenue appealed against the CIT(A)'s deletion of additions related to interest income on fixed deposits. The assessee had not commenced business operations, and the interest was earned on funds kept in fixed deposits.

What were the issues?

Whether interest income on fixed deposits for a non-operational company is a capital receipt or taxable income. Also, issues regarding TDS on rent, depreciation, and remittances were restored to the AO.

Which sections of the Income-tax Act were involved?

Section 40(a)(ia),Section 195

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, CUTTACK BENCH CUTTACK

Before: SHRI GEORGE MATHAN & SHRI RAJESH KUMAR

Hearing: 03/06/2026Pronounced: 03/06/2026

Heard together (2 matters)

C.O No.02/CTK/2026
ITA No.519/CTK/2025

Read from the judgment's own cause title. This page is filed under one of them.

Per Bench: ITA No.519/CTK/2025 is an appeal filed by the revenue against the order of CIT(A), National Faceless Appeal Centre (N

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 40(a)(ia)

All 7,300 judgments and leading authorities on Section 40(a)(ia) →

Recent GST High Court judgments

Search GST case law →