https://www.taxtmi.com/caselaws?id=211719 A statutory housing board executing a project in its own name is not treated as an agent of the Administration merely because it is described as a nodal agency, and project receipts are not diverted by overriding title unless the documents create an antecedent superior right in favour of the Administration. Under the mercantile system, consideration for grant of leasehold and development rights accrues when an enforceable right to receive arises, even if payment is in instalments. Interest on fixed deposits made from project funds follows the character of those funds, while interest on overdrafts may be capitalised to work-in-progress where the borrowings are not shown to have been used otherwise. Stock-related additions were deleted where they were already reflected or rectified in closing stock. en-us Wed, 14 Mar 2012 00:00:00 +0530 Tue, 03 Apr 2012 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211719 A statutory housing board executing a project in its own name is not treated as an agent of the Administration merely because it is described as a nodal agency, and project receipts are not diverted by overriding title unless the documents create an antecedent superior right in favour of the Administration. Under the mercantile system, consideration for grant of leasehold and development rights accrues when an enforceable right to receive arises, even if payment is in instalments. Interest on fixed deposits made from project funds follows the character of those funds, while interest on overdrafts may be capitalised to work-in-progress where the borrowings are not shown to have been used otherwise. Stock-related additions were deleted where they were already reflected or rectified in closing stock. Case-Laws Income Tax Wed, 14 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211719