https://www.taxtmi.com/caselaws?id=390099 Interest earned on bank deposits out of advances received for project implementation was treated as project-related and, under the governing arrangement, had to be adjusted towards project cost; it was therefore not assessable as income in the assessee's hands. Expenditure on community development and welfare activities was allowed as business expenditure because it had a business nexus with the assessee's project operations. Explanation 2 to section 37(1) concerning CSR expenditure was held to apply prospectively, so it did not deny deduction for the relevant assessment year. The result was relief to the assessee on both issues. en-us Fri, 15 Nov 2019 00:00:00 +0530 Mon, 23 Dec 2019 16:41:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390099 Interest earned on bank deposits out of advances received for project implementation was treated as project-related and, under the governing arrangement, had to be adjusted towards project cost; it was therefore not assessable as income in the assessee's hands. Expenditure on community development and welfare activities was allowed as business expenditure because it had a business nexus with the assessee's project operations. Explanation 2 to section 37(1) concerning CSR expenditure was held to apply prospectively, so it did not deny deduction for the relevant assessment year. The result was relief to the assessee on both issues. Case-Laws Income Tax Fri, 15 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390099