https://www.taxtmi.com/caselaws?id=310729 ITAT Jaipur held that interest earned on FDRs by a State Government company acting as nodal agency for implementing government schemes is not assessable to tax. The company received funds from Central/State Government for disbursement in various welfare projects, and interest earned on these parked funds belongs to the Government, not the assessee. Following precedents from Karnataka HC and ITAT Jaipur, the tribunal ruled that such interest forms part of funds for scheme implementation and deleted the addition made by authorities for assessment years 2013-14 and 2014-15. en-us Tue, 05 Feb 2019 00:00:00 +0530 Thu, 09 Nov 2023 20:50:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310729 ITAT Jaipur held that interest earned on FDRs by a State Government company acting as nodal agency for implementing government schemes is not assessable to tax. The company received funds from Central/State Government for disbursement in various welfare projects, and interest earned on these parked funds belongs to the Government, not the assessee. Following precedents from Karnataka HC and ITAT Jaipur, the tribunal ruled that such interest forms part of funds for scheme implementation and deleted the addition made by authorities for assessment years 2013-14 and 2014-15. Case-Laws Income Tax Tue, 05 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310729