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SAMEER SHAHJI (Assistant Tax Manager)     20 September 2012

Interest earned during pre construction period

CAn Interest earned on refund from income tax can be credited to the expenditure which is capitalised during pre constructrion period ?



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 1 Replies

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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