Special Purpose Vehicle (SPV)

This query is : Resolved

CA Milap Mehta (Querist)
Follow

30 June 2010 Hi..

One assessee being private limited co. is the SPV(Special Purpose Vehicle) and doing construction of exhibition hall on behalf of state government by using grant..Whole grant is invested in Fixed Deposit with bank..Interest on such FD is also being applied in construction work..

Whether Interest income will be charged to Income-Tax and if yes,under which head?..Also refer any judgement if possible..
Or
can we take a base that Interest income is just application of grant to construction work and it will not be charged to income-tax?..

Thnx in advance..

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

30 June 2010 This is totally based on the Concession agreement with the board or authority which you have been signed, because SPV concession agreement different for each of the project and based on the ownerhip of the Project assets and on what base and conditions the grant has been released we need to analysis then only conclude

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA.K.RAMAKRISHNA. PRABHU

CA Aakarsh Jain

Venkateshwaran Ekambaram

Credible HRM

Jayanti Visani

Subscribe Now

Special Purpose Vehicle (SPV)

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA