TMI Blog2007 (4) TMI 150X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee income - I.T. A. No. 359 of 2002 - - - Dated:- 27-4-2007 - JUDGMENT 1 The Revenue is aggrieved by an order dated March 5, 2002, passed by the Income-tax Appellate Tribunal, Delhi, Bench "F" in I. T. A. No. 2441/ Del/97 relevant for the assessment year 1991-92. 2 The assessee is a State industrial undertaking. It appears that a scheme was formulated by the Delhi Administratio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to the assessee and, therefore, the interest earned by investing the surplus funds in the banks also did not belong to the assessee. On this objection having been raised, the assessee reversed the entries in the subsequent year and deposited the amounts with the Delhi Administration. In other words, the case of the assessee was that it had not earned any income by way of interest. 5 The Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an objection, the assessee duly accepted the mistake and reversed he entries in the books. 7 It is quite clear from the above that the amounts lying in the Narela revolving fund and the interest earned by investing surplus funds in the banks was not the property of the assessee and, therefore, was not even the income of the assessee. The Narela revolving fund and the interest earned on surplu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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