Interest Income From Short Term Funds Infused By Govt Kept In Bank Till Its Utilization Is Capital Receipt: Kerala HC [Read Order]
The High Court concluded that interest earned on funds granted by the government, which were kept in bank till its utilization for setting up of business, are capital receipt and allowed Assessee's appeals.
The Kerala High Court in a significant case held that the ‘interest income’ on the short-term deposits of the funds infused by the Government, which are sanctioned for purpose of setting up of business, are in nature of ‘capital receipt’ and not ‘revenue receipt’. HLL Biotech Limited , the appellant company/ assessee, set up by…
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