https://www.taxtmi.com/caselaws?id=306840 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] that the interest earned on fixed deposits by a State Government Corporation should be treated as government income, not the assessee's income. The funds and interest were always government property, to be used for specific projects or returned if unused, as directed by government guidelines. The ITAT found no fault in this determination, dismissing the revenue's appeal and reinforcing the concept of income diversion at the source based on legal precedents and fund ownership principles. en-us Wed, 27 Feb 2019 00:00:00 +0530 Thu, 02 Mar 2023 08:15:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306840 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] that the interest earned on fixed deposits by a State Government Corporation should be treated as government income, not the assessee's income. The funds and interest were always government property, to be used for specific projects or returned if unused, as directed by government guidelines. The ITAT found no fault in this determination, dismissing the revenue's appeal and reinforcing the concept of income diversion at the source based on legal precedents and fund ownership principles. Case-Laws Income Tax Wed, 27 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306840