Interest Income earned on FD kept as Security for Performance Guarantee is Taxable as Business Income Can be set off against Project Expenses: ITAT [Read Order]

By Yogitha S. Yogesh - On December 26, 2022 8:10 pm - 2 mins read
Interest Income - Income - Interest - Fixed Deposit - Security - Deposit - Performance Guarantee - Guarantee - Taxable - Business Income - Project Expenses - ITAT - Taxscan

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that interest income earned on Fixed Deposit (FD) kept as security for performance guarantee is taxable as business income Can be set off against project expenses. NCML Varanasi Private Limited, the assesses are resident corporate entities and are wholly owned subsidiaries…

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