ITO v. Kolkata Metro Rail Corpn. Ltd. (2019) 175 ITD 347 (Kol.) (Trib.)

S. 56 : Income from other sources-Joint venture company of Central and State Government-Metro Rail project-Fixed deposit with Bank – Not assessable as income from other sources [ S.4 ]

Dismissing the appeal of the revenue the Tribunal held that, entire fund entrusted and interest accrued therefrom on deposits in bank though in name of assessee had to be applied only for purpose of welfare of State. Accordingly  the  interest earned on bank deposit could not be brought to tax under head income from other sources.  (AY.2010-11, 2011-12)