Dismissing the appeal of the revenue the Court held that,the assessee-board, established under Infrastructure Development Board Act, 2001, was carrying on transaction on behalf of Government and as such, interest accrued on deposit and issue of accrual taxability thereupon was a question of fact, which stood correctly and completely appreciated by authority below. Order of Tribunal is affirmed.
PCIT v. H.P. Infrastructure Development Board (2019) 267 Taxman 500/ 111 taxmann.com 288 (HP) (HC) Editorial: SLP of revenue is dismissed; PCIT v. H.P. Infrastructure Development Board (2019) 267 Taxman 499 (SC)
S. 5 : Scope of total income – Accrual of Interest-Question of fact– Deletion of addition is held to be justified-No question of law. [S. 4, 260A, Infrastructure Development Board Act, 2001]