https://www.taxtmi.com/caselaws?id=392702 The High Court dismissed the appeal challenging the tax liability of interest accrued to the Assessee from grants. It upheld the Tribunal's decision that the interest was a further grant for specific government-directed purposes, refundable if unused. The Court found the Assessing Officer's grounds for tax liability conjectural, emphasizing the specific purpose and utilization of the funds as directed by the government. The Court clarified that the Assessee did not claim exemption under Section 10 (23BBA) of the Act, making the Tribunal's reference to it unnecessary. Ultimately, the appeal was dismissed, and the Tribunal's decision on tax liability was upheld. en-us Mon, 03 Feb 2020 00:00:00 +0530 Mon, 22 Jun 2020 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392702 The High Court dismissed the appeal challenging the tax liability of interest accrued to the Assessee from grants. It upheld the Tribunal's decision that the interest was a further grant for specific government-directed purposes, refundable if unused. The Court found the Assessing Officer's grounds for tax liability conjectural, emphasizing the specific purpose and utilization of the funds as directed by the government. The Court clarified that the Assessee did not claim exemption under Section 10 (23BBA) of the Act, making the Tribunal's reference to it unnecessary. Ultimately, the appeal was dismissed, and the Tribunal's decision on tax liability was upheld. Case-Laws Income Tax Mon, 03 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392702