https://www.taxtmi.com/caselaws?id=263164 The Tribunal upheld the decision that government grants received by a society were taxable as the society did not qualify for exemption under Section 12A of the Income Tax Act. Additionally, interest income on fixed deposits created from the grants was also deemed taxable, as the principle of mutuality did not apply. The argument of diversion of income by overriding title was rejected as the conditions imposed by the government were not applicable for the relevant assessment years. The appeals for both assessment years were dismissed, affirming the taxability of the grants and interest income. en-us Fri, 14 Aug 2015 00:00:00 +0530 Fri, 28 Aug 2015 07:48:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263164 The Tribunal upheld the decision that government grants received by a society were taxable as the society did not qualify for exemption under Section 12A of the Income Tax Act. Additionally, interest income on fixed deposits created from the grants was also deemed taxable, as the principle of mutuality did not apply. The argument of diversion of income by overriding title was rejected as the conditions imposed by the government were not applicable for the relevant assessment years. The appeals for both assessment years were dismissed, affirming the taxability of the grants and interest income. Case-Laws Income Tax Fri, 14 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263164