Income Tax Officer, Ward-2(1), Hyderabad vs. Ksk Wind Power Sankonahatti Athni Private Limied, Hyderabad
In the result, all the four appeals of the Revenue are allowed
ITA 34/HYD/2019[2014-15]Status: DisposedITAT Hyderabad25 Jan 2022AY 2014-15
Bench: Shri A. Mohan Alankamony & Shri S.S. Godaraassessment Year: 2014-15 Income Tax Officer, Vs. Ksk Wind Energy Ward-2(1), Halagali Benchi Private Hyderabad. Limited, Hyderabad. Pan: Aaeck 1965 F (Appellant) (Respondent) Assessee By: Sri S. Rama Rao Revenue By: Sri Sunil Gowtham, Sr. Ar Assessment Year: 2014-15 Income Tax Officer, Vs. Ksk Wind Power Ward-2(1), Sankonahatti Athni Hyderabad. Private Limited, Hyderabad. Pan: Aaeck 1900 C (Appellant) (Respondent) Assessee By: Sri S. Rama Rao Revenue By: Sri Sunil Gowtham, Sr. Ar Assessment Year: 2014-15 Income Tax Officer, Vs. Ksk Wind Power Ward-2(1), Aminabhavi Chikodi Hyderabad. Private Limited, Hyderabad. Pan: Aaeck 1888 R (Appellant) (Respondent)
For Appellant: Sri S. Rama RaoFor Respondent: Sri Sunil Gowtham, Sr. AR
Section 143(3)Section 56
…few of such recent judgments rendered by other High courts-are as under: I) Madhya Pradesh High Court in the case of Bharat Oman Refineries ltd v CIT [2013] 35 taxrnann.com 187. ii) Delhi High court in the case of CIT v. Indian Vaccines Corporation Ltd (2014) 363 ITR 295. 10. Without prejudice to the above stand, it is seen that the entire interest income's earned out of deposits made out of 'Share Holders Funds' and nothing out of 'borrowed funds'. Therefore, deduction if any, on account of interest expenditure can be allowed only out of interest income earned on borrowed funds and not on interest income earned…
