https://www.taxtmi.com/caselaws?id=244195 The Tribunal ruled that grants from the Government of Gujarat were not to be considered as income of the assessee under Section 11(2) of the Income Tax Act, as they were designated for specific projects and could not be used for general expenses. The Tribunal upheld the deletion of interest income of Rs.9.82 crores, earned from investing the grant, as non-taxable. Additionally, the Tribunal held that the refund of grant to DRDA should be treated as a deduction in calculating the trust's application of income for charitable purposes. The High Court affirmed these decisions, dismissing the appeal. en-us Mon, 13 Jun 2011 00:00:00 +0530 Thu, 20 Feb 2014 10:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244195 The Tribunal ruled that grants from the Government of Gujarat were not to be considered as income of the assessee under Section 11(2) of the Income Tax Act, as they were designated for specific projects and could not be used for general expenses. The Tribunal upheld the deletion of interest income of Rs.9.82 crores, earned from investing the grant, as non-taxable. Additionally, the Tribunal held that the refund of grant to DRDA should be treated as a deduction in calculating the trust's application of income for charitable purposes. The High Court affirmed these decisions, dismissing the appeal. Case-Laws Income Tax Mon, 13 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244195