Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2009 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (1) TMI 243 - HC - Income TaxInterest Income - assessee is a nodal agency and is not carrying on any business of its own. It is only an implementing agency. The money received from the bank and interest accrued thereon is parked with the assessee for implementation of the scheme entrusted to it. It is not carrying on business activities of its own and every rupee received by it is accounted for – held that - in computing the total income of the assessee for any previous year the interest accrued on the bank deposits cannot be treated as an income of the assessee as the interest is earned out of the money given by the Government of India for the purpose of implementation of the mega city scheme – interest income is not chargeable to tax.
|