https://www.taxtmi.com/caselaws?id=754448 ITAT Bangalore held that interest income from unutilised government grants is part of the grant-in-aid and not taxable income under the Act, following its earlier decisions for the same assessee. The Tribunal confirmed CIT(A)'s order as the department failed to produce any HC or SC orders overruling the Coordinated Bench decisions. Additionally, sponsorship expenditure was treated as revenue expenditure since it was incurred for awards and prizes pursuant to the assessee's statutory obligation to promote solar energy, constituting allowable business expenses. Decision favoured the assessee on both issues. en-us Thu, 13 Jun 2024 00:00:00 +0530 Tue, 25 Jun 2024 08:37:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754448 ITAT Bangalore held that interest income from unutilised government grants is part of the grant-in-aid and not taxable income under the Act, following its earlier decisions for the same assessee. The Tribunal confirmed CIT(A)'s order as the department failed to produce any HC or SC orders overruling the Coordinated Bench decisions. Additionally, sponsorship expenditure was treated as revenue expenditure since it was incurred for awards and prizes pursuant to the assessee's statutory obligation to promote solar energy, constituting allowable business expenses. Decision favoured the assessee on both issues. Case-Laws Income Tax Thu, 13 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754448