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Commissioner of Income Tax, Gandhinagar Versus Gujarat Urban Development Company Ltd.

Taxability of the interest receipt in the hands of the assessee - ITAT not treating the interest as income of the assessee - Held that:- The Hon'ble Tribunal on considering the letter of the Central Government while sanctioning the grant in favour of the assessee, more particularly the condition that, "the interest earned on the central grant already released would form part of the central grant limit of ₹ 50 Crores" and considering the decision(s) of the Hon'ble Gujarat High Court .....

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nt year 2007-2008 and assessment year 2010-2011 - Decided in favour of assessee. - Tax Appeal No. 71 of 2015 - Dated:- 5-3-2015 - Jayant Patel And S. H. Vora,JJ. For the Appellant : Mr Sudhir M Mehta, Adv. For the Respondent : Mr B S Soparkar, Adv. ORDER (Per : Honourable Mr. Justice Jayant Patel) 1. The revenue has preferred the present appeal, wherein two questions are raised, but in our view, one question may arise for consideration, which reads as under: "[A] Whether on the facts and ci .....

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as required to be added and therefore, he made addition of the said amount in the income of the assessee. In the appeal, Commissioner (Appeals) concurred with the view of the AO and dismissed the appeal. The Tribunal observed thus at para 11 and 12. "11. We find that the Tribunal in the case of assessee itself, vide a consolidated order dated 19.3.2014 in ITA Nos.2670 & 2671/Ahd/2013, 1116/Ahd/2011 and 787/Ahd/2012, as under: "5. Ground No.2 is ₹ 5,35,77,935/- made on account .....

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or the assessee submitted that the AO has wrongly applied the judgement of Hon'ble Supreme Court in the case of Tuticorin Alkali Chemicals & Fertilizers Ltd. vs. CIT reported at (1997) 227 ITR 172 (SC). He submitted that the assessee is only a nodal agency supervising the work assigned by the different agencies and the advances given as per the agreement were placed in fixed deposits. The interest so accrued was not offered for tax since such interest was credited to the respective accou .....

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aterial available on record and gone through the orders of the authorities below as well as the case-laws relied upon by the parties. We find that the ld.CIT(A) has given a finding on fact that the assessee is 100% government owned company appointed as a Nodal Agency for implementation of various infrastructure development projects all across Gujarat. He has further given a finding on fact that the observation of the Assessing Officer in para-13.3 particularly on page- 6 of the assessment order .....

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938/- accrued to Fixed Deposits as income of the assessee?" 6.1. The Hon'ble High Court dismissed the appeal affirming the view of the Hon'ble Tribunal and held that no error has been committed by the Tribunal in deleting the addition of ₹ 1,25,44,938/- made by the A0 treating it as the income of the assessee. The facts before the Hon'ble High Court in the case of CIT vs. Sar Infracon Pvt.Ltd.(supra) were that the A0 made addition in respect of the interest eared by the as .....

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reafter, the assessee filed an appeal before the Hon'ble Tribunal. The Hon'ble Tribunal on considering the letter of the Central Government while sanctioning the grant in favour of the assessee, more particularly the condition that, "the interest earned on the central grant already released would form part of the central grant limit of ₹ 50 Crores" and considering the decision(s) of the Hon'ble Gujarat High Court in the case of Gujarat Municipal Finance Board vs. Dy.C .....

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