Pr. Commissioner Of Income Tax v. M/S H.p. Powercorporation Ltd

16.11.2022 Pr. Commissioner of Income Tax Vs. M/s H.P. PowerCorporation Ltd. ITA No. of 2022 Present:Mr. Vinay Kuthiala, Senior Advocate with Ms. Vandana Kuthiala, Advocate for the appellant. Mr. Vishal Mohan, Advocate for therespondent. OMP(M) No. 30 of 2020. Heard. Application has not been opposed and is accordingly allowed. Delay in filing the appeal is condoned. Appeal be registered. ITA No. of 2022. Heard. Admitted on the following substantial questions of law:- (i)Whether the Hon’ble ITAT is right in law and on thefacts and the circumstances of the case in holdingthat the interest income earned by the assessee onsurplus funds out of borrowed funds amounting toRs.14,54,38,870/- could not be treated as “incomefrom other sources” and is thus, not liable to betaxed?facts and the circumstances of the case in holdingthat the interest income earned by the assessee onsurplus funds out of borrowed funds amounting toRs.14,54,38,870/- could not be treated as “incomefrom other sources” and is thus, not liable to betaxed? (ii)Whether the judgment of the Hon’ble ITAT isperverse as it is based on a misreading andmisinterpretation of the facts and law laid down bythe Hon’ble Supreme Court?perverse as it is based on a misreading andmisinterpretation of the facts and law laid down bythe Hon’ble Supreme Court? List withITA No.38 of 2015. (Sabina) Judge (Sushil Kukreja)Judge November 16, 2022 (ps)