Interest Received on FDRs/ICDs with Bank/NBFCs made out of Unutilized Funds which could not be used in development of Port Terminal is Capital Receipt: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) in the case of M/s. Karanja Terminal and Logistics Pvt. Ltd. held that interest received on FDRs/ICDs with bank/NBFCs made out of unutilized funds which could not be used in the development of port terminal is the capital receipt and hence is not taxable. The […]

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