JOINT COMMISSIONER INCOME-TAX(IN-SITU), CIRCLE-1, PATNA, PATNA vs. NORTH BIHAR POWER DISTRIBUTION COMPANY LIMITED, PATNA

In the result, the appeals of the Revenue and COs of the assessee are dismissed

Bench: Shri Duvvuru Rl Reddy, Vp & Shri Rajesh Kumar, Am**

3 of the assessment order by the AO. The funds received for BRGF Schemes were used for creating capital assets. It was submitted that interest earned on such fund was accounted for in "Accretion of Interest Capital Fund A/c" under current liabilities of the balance sheet. It was transferred to respective fixed asset account from accretion of interest account

DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-1, PATNA, PATNA vs. NORTH BIHAR POWER DISTRIBUTION COMPANY LIMITED, PATNA

In the result, the appeals of the Revenue and COs of the assessee are dismissed