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TMI Blog2015 (4) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... ,745/- in the hands of the assessee, relying on its decision in the case of Gujarat Power Corpn. Ltd. Vs. ITO (354 ITR 201) and the decision in the case of Sar Infracon Pvt. Ltd. (Tax Appeal No.828 of 2013) though the said decisions are based on separate facts?" 2. The relevant facts are that the AO found that interest income of Rs. 22,63,60,745/- was 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/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 06) 284 ITR 582 (Kan). 6. We have heard the rival submissions, perused the material 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 that the interest is not credited to the respective Grant accounts is factually incorrect, as a perusal of the balance-sheet and the respective ledger accounts of the Grant/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee, more particularly the condition that, "the interest earned on the central grant already released would form part of the central grant limit of Rs. 50 Crores" and considering the decision(s) of the Hon'ble Gujarat High Court in the case of Gujarat Municipal Finance Board vs. Dy.CIT reported at (1996) 221 ITR 317 as well as in the case of Gujarat Power Corporation Ltd. vs. ITO reported at (2013) 354 ITR 201(Guj.), the Tribunal has allowed the appeal by deleting the addition of Rs. 1,25,44,938/- made by the AO. The Hon'ble Jurisdictional High Court affirmed the view taken by the Tribunal. 6.2. Since the facts are identical in this case also, the assessee has credited the interest accrued to the respect grant accounts, theref ..... X X X X Extracts X X X X X X X X Extracts X X X X
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