https://www.taxtmi.com/caselaws?id=247964 The appeal filed by the Revenue challenging the taxation of interest earned on grants received was dismissed by the Hon'ble Gujarat High Court. The court held that the interest did not belong to the assessee but was diverted at the source by an overriding title in favor of the State Government, following legal principles and precedents. Similarly, the addition made on account of the refund of a grant to DRDA was also deleted, with the court ruling that the refunded amount constituted a deduction in determining the application of income for the trust, in line with previous decisions. en-us Fri, 16 May 2014 00:00:00 +0530 Wed, 28 May 2014 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247964 The appeal filed by the Revenue challenging the taxation of interest earned on grants received was dismissed by the Hon'ble Gujarat High Court. The court held that the interest did not belong to the assessee but was diverted at the source by an overriding title in favor of the State Government, following legal principles and precedents. Similarly, the addition made on account of the refund of a grant to DRDA was also deleted, with the court ruling that the refunded amount constituted a deduction in determining the application of income for the trust, in line with previous decisions. Case-Laws Income Tax Fri, 16 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247964