https://www.taxtmi.com/caselaws?id=307744 The High Court ruled in favor of the assessee, dismissing the department's appeal under Section 260A of the Income Tax Act for the assessment year 2006-07. The Court held that funds received for specific projects were not considered part of total receipts, and unutilized funds for designated projects did not constitute taxable income. The judgment emphasized the non-taxable status of surplus amounts generated without distribution under Section 11 of the Income Tax Act. en-us Tue, 16 Jan 2018 00:00:00 +0530 Wed, 03 May 2023 21:15:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307744 The High Court ruled in favor of the assessee, dismissing the department's appeal under Section 260A of the Income Tax Act for the assessment year 2006-07. The Court held that funds received for specific projects were not considered part of total receipts, and unutilized funds for designated projects did not constitute taxable income. The judgment emphasized the non-taxable status of surplus amounts generated without distribution under Section 11 of the Income Tax Act. Case-Laws Income Tax Tue, 16 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307744