M/S. HARIDASPUR PARADIP RAILWAY COMPANY LTD.,BHUBANESWAR vs. DCIT, CORPORATE CIRCLE- 1(1), BHUBANESWAR
In the result, the appeal of the assessee is allowed for statistical purposes
ITA 383/CTK/2019[2014-15]Status: DisposedITAT Cuttack07 Oct 2020AY 2014-15
Bench: Shri C.M. Garg, Jm & Shri L.P. Sahu, Am आयकर अपीऱ सं./Ita No.383/Ctk/2019 (नििाारण वषा / Assessment Year :2014-2015) M/S Haridaspur Paradip Railway Vs. Dcit, Corporate Circle-1(1), Company Limited, Bhubaneswar J/7, Pal Heights, Jayadev Vihar, Bhubaneswar-751013 Pan No. : Aabch 9319 R (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By : Shri Ved Jain, Ar िाजस्व की ओर से /Revenue By : Shri M.K.Gautam, Cit Dr सुनवाई की तािीख / Date Of Hearing : 09/10/2020 घोषणा की तािीख/Date Of Pronouncement : 12/10/2020 आदेश / O R D E R Per L.P.Sahu, Am: This Is An Appeal Filed By The Assessee Against The Order Dated 24.09.2019, Passed By The Cit(A)-1, Bhubaneswar For The Assessment Year 2014-2015, On The Following Grounds Of Appeal :- 1. That The Order Of The Ld. Ao Is Illegal, Arbitrary Contrary To Evidence On Record & Without Application Of Mind & For That Matter The Said Order Is Liable To Be Quashed And/Or Annulled. 2. That On The Facts Of Circumstances Of The Case, The Ld. Ao Has Erred In Treating Interest On Fdr & Flexi Deposit Amounting To Rs.3,27,79,005/- As Revenue Receipt & Made Addition Although The Said Interest Is Inextricably Linked To The Project & Is Purely A Capital Receipt & Hence The Aforesaid Addition Is Liable To Be Deleted. 3. That The Ld. Ao Has Erred Both In Law & Facts By Treating Capital Receipt As Revenue. 5. That The Appellant Craves Leave To Add Or To Amend The Above Grounds Of Appeal Before Or At The Time Of Hearing Of The Appeal. 6. For These & Among Other Grounds To Be Urged At The Time Of Hearing, Adequate Relief As May Be Deemed Fit Be Granted In The Matter.
For Appellant: Shri Ved Jain, ARFor Respondent: Shri M.K.Gautam, CIT DR
Section 115J
2. Interest on Mobilization advance
62,04,253/-
• That, the additions mentioned above were made on the ground that assessee has not commenced its business operation and therefore, the interest earned by it is taxable under the head' Income from Other
Sources'. AO also relied on the decision of Tuticorin Alkali Chemical and Fertilizers Ltd. v. CIT. (Relevant findings
