https://www.taxtmi.com/caselaws?id=367295 The High Court dismissed the Revenue's appeal, upholding the decision that un-utilized funds received by the respondent were not income but a financial sanction for a project. The funds were to be returned to the Ministry and did not belong to the respondent. Additionally, interest earned but not accounted for during the relevant period was related to restricted contributions awaiting registration, and was included as income in a subsequent assessment year. The Court emphasized the importance of factual analysis in assessments and the treatment of funds held in trust, affirming specific legal precedents on income determination for tax purposes. en-us Fri, 07 Sep 2018 00:00:00 +0530 Tue, 18 Sep 2018 08:03:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367295 The High Court dismissed the Revenue's appeal, upholding the decision that un-utilized funds received by the respondent were not income but a financial sanction for a project. The funds were to be returned to the Ministry and did not belong to the respondent. Additionally, interest earned but not accounted for during the relevant period was related to restricted contributions awaiting registration, and was included as income in a subsequent assessment year. The Court emphasized the importance of factual analysis in assessments and the treatment of funds held in trust, affirming specific legal precedents on income determination for tax purposes. Case-Laws Income Tax Fri, 07 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367295