All expenses done by our company under preoperative stage are capitalised. Also our has earned interest on fixed deposit before it's operation starts. Whether such interest on fixed deposit should be taxable as revenue income under Income tax act or it should be treated as capital receipt which is to be adjusted against pre-operative expenses???
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Pre-operative income
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Interest earned during preoperative stage on surplus funds parked with banks is taxable as income from other sources....
You may refer case law of : Z Square Shopping Mall (P.) Ltd.
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