Amounts diverted to funds by NABARD not taxable

DCIT Vs National Bank for Agriculture & Rural Development (ITAT Mumbai)

ITAT Mumbai held that NABARD has acted as nodal or implementing agency for the schemes framed by GOI. Hence the amounts transferred to Tribal Development Fund/Watershed Development Fund are diverted at source itself and hence not taxable in the hands of the assessee.

Facts-

The assessee claimed a sum of Rs.2872.36 crores as interest expenditure. The AO noticed that the above said amount incl

Please become a Premium member. If you are already a Premium member, login here to access the full content.