Held that the interest earned from the unutilised grant-in-aid is also a part of the grant-in-aid and was not income under the provisions of the Act, and there being no materials to take a different view, the order of the Commissioner (Appeals) is affirmed. Fact that judgment of High Court is under challenge before Supreme Court is cannot be a ground for Tribunal not to follow it. (AY.2020-21)
ACIT v. Karnataka Renewable Energy Development Ltd. (2024)113 ITR 9 (SN)(Bang)(Trib)
S. 4 : Charge of income-tax-A Government undertaking, nodal agency for propagation of non-conventional energy sources-Grants-in-aid from Government-Unutilised grants-in-aid placed in fixed deposit with banks-Interest earned is not income as unutilised grant-in-aid was also a part of grant-in-aid-Precedent-High Court-Fact that judgment of High Court is under challenge before Supreme Court is cannot be a ground for Tribunal not to follow it. [S. 260A Art. 136]
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