Interest income, converted into Government’s equity for Metro Project, not a revenue receipt

Bangalore Metro Rail Corporation Ltd. Vs DCIT (ITAT Bangalore) Facts- The assessee is a wholly owned company of Government established for the implementation of rail based mass rapid transit system which was called as “Bangalore Metro Rail Project” in five years in five stages. During the previous year relevant to AY 2009-10, the funds received by the assessee which were not immediately required for execution of the project were invested in Fixed Deposit and Mutual Funds. The assessee claimed the said income as exempt. However, submissions made by the assessee for claiming the same...