TMI Blog2017 (4) TMI 1551X X X X Extracts X X X X X X X X Extracts X X X X ..... in following the order of the Tribunal in the case of the assessee. The Ground of appeal No.1 raised by the assessee, therefore, we hold has no merit. The same is accordingly dismissed. Treating the miscellaneous income as income from other sources - HELD THAT:- We are in agreement with the Ld. CIT (Appeals) that though the assessee has contended that the said receipts are incidental to the construction of the project and by virtue of the proposition laid in the case of CIT vs Bokaro Steel limited [ 1998 (12) TMI 4 - SUPREME COURT ] the same should be treated as its business income and deducted from the preoperative expenses incurred by I.T.A.T., at the same time we find that no evidences to substantiate the submissions have been fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(appeal) in upholding the interest earned on deposits made in the pre-operative period as income from other sources thereby upholding the addition of ₹ 12,10,11,966/- made to the taxable income of the assessee. 4. Brief facts relevant to the issue are that the assessee company namely, H.P. Power Transmission Corporation Limited (HPPTCL), an undertaking of Government of Himachal Pradesh was established on 27th August, 2008 with a view to strengthen the Transmission Network in Himachal Pradesh and to facilitate evacuation of Power from upcoming Generating Plants. The jobs entrusted to Corporation by GOHP inter-alia included execution of all New Works - both Transmission Lines and Substations of 66kv and above Voltage Ratings, For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... auditors further in para (iv) of their Auditor's Reports had categorically mentioned about the change of accounting policies and accounting assumption during the previous year and reported as under: - As per note 21 During the year the Corporation has not made any income -tax provisions on the basis of various judgments of Hon'ble Courts. However, the Corporation has deposited advance Income-Tax of ₹ 2,70,00,000/-only. During the year on the basis of various judgments of Honorable Courts the corporation has not made any income tax provision which is an contravention to Accounting Standard AS-22 Accounting for Taxes on income which states income tax provisions to be calculated on the basis of prevailing tax la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ho upheld the order of the Assessing Officer following the decision of the ITAT in the assessee s own case in assessment year 2011-12 and assessment year 2010-11. 9. During the course of hearing before us Ld. Counsel for the assessee fairly conceded that the issue was covered against it. Ld. counsel for the assessee also submitted that in assessment year 2012-13 also the issue had been decided against it by the ITAT. Copy of the order was placed before us. 10. Considering the above facts we are of the view that the issue is covered against the assessee by various orders of the ITAT, Chandigarh bench in the case of the assessee itself. The latest order of 7th December 2016 has been placed on record in which the Tribunal, following earl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s brought to tax u/s 56 of the Income Tax Act. The matter was carried in appeal before the Ld.CIT(Appeals) who rejected the contentions of the assessee stating that nothing had been brought on record to substantiate the submissions with respect to the miscellaneous income or the contention to relate the income to the projects being undertaken by the assessee. Relying upon his findings vis a vis the issue of interest earned on surplus deposits, Ld. CIT (Appeals) upheld the action of the Assessing Officer, treating the miscellaneous income earned as income from other sources. 13. Before us Ld. counsel for the assessee relied upon submissions made before the Ld. CIT (Appeals). Ld.DR on the other hand relied upon the order of the CIT (Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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