Pr. Commissioner Of Income Tax -4, vs International Coal Ventures Pvt. Ltd.
Judges (2)
Counsel (3)
Case Significance
Pr. Commissioner Of Income Tax -4, vs International Coal Ventures Pvt. Ltd. is a Delhi High Court decision dated December 20, 2024 (citation: ik-59245180). The Revenue appealed under Section 260A of the Income Tax Act against an ITAT order allowing the assessee's appeal regarding the addition of Rs 31,18,900 in interest income for AY 2012-13. The assessee, formed to acquire overseas coal mines, had temporarily deposited borrowed funds (earmarked for a coal mine acquisition that was later aborted) in interest-bearing accounts. The court held that the interest received on borrowed funds temporarily held was part of the capital cost creditable to C The bench comprised Justices Swarana Kanta Sharma and Vibhu Bakhru. The judgment was delivered by Justice Vibhu Bakhru. Counsel appearing: Aneesh Mittal (counsel for respondent), Divyanshu Agarwal (counsel for respondent), Sanjay Kumar (counsel for appellant).
Summary
The Revenue appealed under Section 260A of the Income Tax Act against an ITAT order allowing the assessee's appeal regarding the addition of Rs 31,18,900 in interest income for AY 2012-13. The assessee, formed to acquire overseas coal mines, had temporarily deposited borrowed funds (earmarked for a coal mine acquisition that was later aborted) in interest-bearing accounts. The court held that the interest received on borrowed funds temporarily held was part of the capital cost creditable to CWIP, not surplus funds, and dismissed the Revenue's appeal.
What was the outcome of Pr. Commissioner Of Income Tax -4, vs International Coal Ventures Pvt. Ltd.?
The Revenue appealed under Section 260A of the Income Tax Act against an ITAT order allowing the assessee's appeal regarding the addition of Rs 31,18,900 in interest income for AY 2012-13. The assesse...
Judgment
Read the full judgment on the official India Courts portal.
Read on Indian KanoonSource: Indian Kanoon (ik-59245180)