https://www.taxtmi.com/caselaws?id=790879 Interest earned on deposits made from unutilised LIS funds was treated as belonging to the Government where the scheme grant and accrued interest were expressly refundable on demand, so it was not taxable in the assessee's hands. TDS credit for that interest could not be denied merely because the income was not assessable in the assessee's hands; credit followed the deductee record under Rule 37BA, subject to verification against double credit. For MAT purposes under section 115JB, only items specifically authorised by the statutory explanation could be adjusted, so the interest and provident fund-related additions were deleted, while the provision for non-moving, obsolete and unserviceable material required factual verification. Interest under section 234A was not leviable because the original return was filed within time. en-us Mon, 30 Mar 2026 00:00:00 +0530 Sat, 02 May 2026 07:40:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790879 Interest earned on deposits made from unutilised LIS funds was treated as belonging to the Government where the scheme grant and accrued interest were expressly refundable on demand, so it was not taxable in the assessee's hands. TDS credit for that interest could not be denied merely because the income was not assessable in the assessee's hands; credit followed the deductee record under Rule 37BA, subject to verification against double credit. For MAT purposes under section 115JB, only items specifically authorised by the statutory explanation could be adjusted, so the interest and provident fund-related additions were deleted, while the provision for non-moving, obsolete and unserviceable material required factual verification. Interest under section 234A was not leviable because the original return was filed within time. Case-Laws Income Tax Mon, 30 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790879