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Interest income earned on government grants parked in bank accounts for Smart City project implementation was contested. Assessee, established for Smart City Scheme execution, maintained separate accounts for Central and State Government funds. Interest earned on Central Government funds was returned to Consolidated Fund of India per GFR Rule 230(8), while State Government fund interest was adjusted against subsequent grants. ITAT remanded matter to AO for verification of interest remittance to respective governments. If confirmed that assessee retained no revenue benefit and interest was fully remitted, no addition should be made for interest income earned on deposits (fixed deposits and savings accounts). Matter requires factual verification of fund utilization and interest disposition as per governmental guidelines.
Interest income earned on government grants parked in bank accounts for Smart City project implementation was contested. Assessee, established for Smart City Scheme execution, maintained separate accounts for Central and State Government funds. Interest earned on Central Government funds was returned to Consolidated Fund of India per GFR Rule 230(8), while State Government fund interest was adjusted against subsequent grants. ITAT remanded matter to AO for verification of interest remittance to respective governments. If confirmed that assessee retained no revenue benefit and interest was fully remitted, no addition should be made for interest income earned on deposits (fixed deposits and savings accounts). Matter requires factual verification of fund utilization and interest disposition as per governmental guidelines.
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