https://www.taxtmi.com/caselaws?id=414857 The High Court held that the interest income earned on funds provided by DRDO/ISRO for specific projects was not taxable in the hands of the appellant, BrahMos Aerospace Thiruvananthapuram Ltd. The court emphasized the appellant's role as a custodian of the funds and the fact that the funds and interest belonged to the government departments. The court set aside previous decisions and allowed the appeals in favor of the appellant, highlighting the importance of assessing transactions' substance over mere book entries and consistency in tax treatment across similar cases. en-us Fri, 27 Aug 2021 00:00:00 +0530 Thu, 18 Nov 2021 07:45:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414857 The High Court held that the interest income earned on funds provided by DRDO/ISRO for specific projects was not taxable in the hands of the appellant, BrahMos Aerospace Thiruvananthapuram Ltd. The court emphasized the appellant's role as a custodian of the funds and the fact that the funds and interest belonged to the government departments. The court set aside previous decisions and allowed the appeals in favor of the appellant, highlighting the importance of assessing transactions' substance over mere book entries and consistency in tax treatment across similar cases. Case-Laws Income Tax Fri, 27 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414857