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2018 (2) TMI 501

Head Note:
Nature of receipt - Grant received from government - capital or revenue receipt - Held that:- Unspent grant received by the assessee from the Government as on 31/03/2012 cannot be brought to tax as revenue receipt.

Addition on account of sundry credits - Held that:- CIT(A) has deleted the addition based on the assurance given by the assessee that reconciliation of the outstanding sundry creditors would be completed and unenforceable credits of sundry creditors would be offered to tax. In the interest of justice and equity, we are of the view that the Assessing Officer should be granted an opportunity to examine the reconciliation statement of sundry creditors filed by the assessee. Therefore, this issue is restored to the files of the Assessing Officer.

Addition made on account of interest accrued on treasury savings deposits - accrual of interest - assessee was following the mercantile system of accounting - Held that:- CIT(A) had only directed the Assessing Officer to verify whether interest accrued on treasury savings deposits is offered to tax on the basis of mercantile system of accounting. We do not find any infirmity in the finding of the CIT(A) and confirm the same. It is ordered accordingly.


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