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2018 (6) TMI 696 - AT - Income TaxAccrual of interest income - Exclusion of interest accrued on the funds received from the State Government towards Lift Irrigation Scheme Funds [LIS] - Held that:- The funds are clearly allocated for a specific purpose and assessee has no control over the funds, except utilizing them for the scheme for which it was granted. These funds are also kept separately and the interest was also accounted for on behalf of the Government and has kept separately from assessee’s transactions. Following case of M/s Bokaro Steel [1998 (12) TMI 4 - SUPREME COURT] the decision of Ld.CIT(A) does not require any modification. Nothing was placed on record to counter the findings of CIT(A) both on facts and on law. In the result, all the Revenue appeals are dismissed.
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