https://www.taxtmi.com/caselaws?id=361869 The Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision in favor of the Assessee, ruling that the interest accrued on funds received from the State Government for specific projects should not be assessed as business income but should increase the grants received. The Tribunal emphasized the designated purpose of the funds and the lack of control by the Assessee over them beyond the specified scheme. Citing legal precedents, including the Supreme Court's ruling in M/s Bokaro Steel case, the Tribunal dismissed all Revenue appeals and cross-objections, affirming the CIT(A)'s order. en-us Wed, 13 Jun 2018 00:00:00 +0530 Fri, 15 Jun 2018 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361869 The Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision in favor of the Assessee, ruling that the interest accrued on funds received from the State Government for specific projects should not be assessed as business income but should increase the grants received. The Tribunal emphasized the designated purpose of the funds and the lack of control by the Assessee over them beyond the specified scheme. Citing legal precedents, including the Supreme Court's ruling in M/s Bokaro Steel case, the Tribunal dismissed all Revenue appeals and cross-objections, affirming the CIT(A)'s order. Case-Laws Income Tax Wed, 13 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361869