https://www.taxtmi.com/caselaws?id=344175 The tribunal held that the interest income earned on funds contributed by subsidiaries towards the shifting and rehabilitation fund should not be treated as taxable income in the hands of the assessee. The tribunal emphasized that the assessee acted as a custodian of the funds without control over their utilization, similar to precedents favoring government bodies. As a result, the tribunal directed the assessing officer to delete the addition of Rs. 9723.28 Lakhs, ruling in favor of the assessee. en-us Wed, 07 Jun 2017 00:00:00 +0530 Sat, 10 Jun 2017 07:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344175 The tribunal held that the interest income earned on funds contributed by subsidiaries towards the shifting and rehabilitation fund should not be treated as taxable income in the hands of the assessee. The tribunal emphasized that the assessee acted as a custodian of the funds without control over their utilization, similar to precedents favoring government bodies. As a result, the tribunal directed the assessing officer to delete the addition of Rs. 9723.28 Lakhs, ruling in favor of the assessee. Case-Laws Income Tax Wed, 07 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344175