The High Court of Delhi has ruled that interest earned on funds inextricably linked to the setting up of a project, and earmarked for committed obligations such as the purchase of plant and machinery, cannot be taxed as “Income from Other Sources.” The Division Bench, comprising Justice V. Kameswar Rao and Justice Vinod Kumar, held
Interest Earned on Funds Earmarked for Plant and Machinery Earmarked for Project Not Taxable as ‘Income from Other Sources’: Delhi High Court
