Income which an assessee could have, but has not earned cannot be made taxable as income accrued

Brief of the case:

Assessee is a state electricity board governed by govt. laws and conditions. The appeals were pertains to AYs 2001-02 to 2002-03. ITAT decided various issues related to claim of revenue subsidies, interest on borrowed capitals and prior period expenses.

 Facts of the case:

•  Being a government undertaking assessee was governed by Specific Acts and the orders of the State Government.
• The Electricity

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