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2006 (11) TMI 142 - HC - Income TaxInterest - accrual - assessee had originally applied for allotment of 15,000 sq.mts. of covered area in the building to be constructed by the IHC and deposited the amount demanded by the IHC accordingly. The assessee subsequently reduced its claim for the constructed area from 15,000 sq.mts. to 8,000 sq.mts. and claimed interest on the excess amount deposited by it with the IHC. The governing council of the IHC, however, declined to pay any interest on the excess amount deposited by the assessee. - The fact that it treated interest as receivable on the surplus payments made to the IHC in its books of account is not conclusive that chargeable interest had accrued to the assessee - finding of fact recorded by both the authorities below is that no interest had either been paid by the IHC to the assessee or otherwise accrued so as to render the same taxable - no substantial question of law arises for consideration. – revenue’s appeal dismissed
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