Held that since the entire amounts received as interest were deposited in the Consolidated Fund of India, no addition was called for in the hands of the assessee. For the limited purpose of reconciliation of the interest earned and deposited in the Consolidated Fund of India, the assessee was to furnish the entire details of receipt of interest income earned, tax deducted at source and the total amounts deposited in Consolidated Fund of India, before the Assessing Officer in a consolidated statement, which the Assessing Officer shall verify and accord the benefit.(AY.2016-17 to 2018-19)
Dy. CIT v. National Highways And Infrastructure Development Corp India (2023)108 ITR 21 (SN)/2024) 204 ITR 1/ 227 TTJ 1 (UO) (Delhi)(Trib)
S. 4 : Charge of income-tax-Interest received on deposits in Consolidated fund of India-Not chargeable to tax-Directed the Assessing Officer to verify the facts.[S.143(3)]