Interest Income Generated on funds Owned by GOI is not an Income in hands of Appellant Company: ITAT deletes Addition made u/s 56 of Income Tax Act [Read Order]

By Sunayana Dhal - On December 13, 2023 8:30 pm - 2 mins read
Interest Income - GOI - Interest Income Generated on funds Owned by GOI - ITAT deletes Addition - ITAT - Income Tax Act - taxscan

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition made under Section 56 of the Income Tax Act, 1961 and held that the interest income generated on funds owned by the Government of India (GOI) is not an income in hands of the appellate company. The assessee company, National Highways Infrastructure…

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