https://www.taxtmi.com/caselaws?id=796612 Project-specific Government grants subject to mandatory utilisation for a specified scheme are not treated as taxable income where the recipient does not have unrestricted entitlement to the funds. Interest payable on unutilised grant funds under the governing disbursement terms is an ascertained business liability and is deductible, rather than contingent. Under the block-of-assets regime, depreciation cannot be restricted by separately identifying assets retired from active use if business assets within the relevant block are used; simultaneous use of every individual asset is not required. en-us Tue, 28 Jul 2026 00:00:00 +0530 Fri, 07 Aug 2026 09:07:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796612 Project-specific Government grants subject to mandatory utilisation for a specified scheme are not treated as taxable income where the recipient does not have unrestricted entitlement to the funds. Interest payable on unutilised grant funds under the governing disbursement terms is an ascertained business liability and is deductible, rather than contingent. Under the block-of-assets regime, depreciation cannot be restricted by separately identifying assets retired from active use if business assets within the relevant block are used; simultaneous use of every individual asset is not required. Case-Laws Income Tax Tue, 28 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796612