HC : Admits BSNL's appeal on taxability of perpetual interest-free loan of Rs 720 cr from Govt

Mar 08,2018

Delhi HC admits BSNL's ('assessee') appeal against ITAT order for AY 2003-04 treating 'deferred grant ' received  from the Government as revenue receipt; BSNL had received a loan of Rs. 720 cr in perpetuity from the Government , with no liability of repayment of principal and payment of interest, for the purpose of establishing telephone services in rural areas; Since the assessee did not demonstrate that the amount was utilised for acquisition of capital ass...

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