Held that interest income was earned by assessee on fund which was temporarily parked/deposited with banks as fixed deposits prior to commencement of its business, it was in nature of a capital receipt and is required to be set off against pre-operative expenses. (AY. 2013-14)
Chandhok Cold Storage (P.) Ltd. v. ITO (2024) 204 ITD 17 / 227 TTJ 744 (SMC) (Raipur)(Trib.)
S. 4 : Charge of income-tax-Interest income-Temporarily parked / deposited with banks on fixed deposits-Prior to commencement of business-Capital receipt-Required to be set off against pre-operative expenses. [S. 145]
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