CAn Interest earned on refund from income tax can be credited to the expenditure which is capitalised during pre constructrion period ?
SAMEER SHAHJI (Assistant Tax Manager) 20 September 2012
CAn Interest earned on refund from income tax can be credited to the expenditure which is capitalised during pre constructrion period ?
R RAJAGOPALAN (ADVOCATE) 20 September 2012
Your Query: Can Interest earned on refund from income tax be credited to the expenditure which is capitalised during pre constructrion period ?
Reply: No, The interest received on I.T refund has nothing to do with the pre-construction expenditure. Moreover, the interest recieved on I.T.refund is assessable, not under the head 'Business', but 'Other Sources'.
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