Case Law Details
Case Name : Commissioner of Income Tax II Vs Sar Infracon Pvt Ltd. (Gujarat High Court at Ahmedabad)
Related Assessment Year :
Courts :
All High Courts Gujarat High Court
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Interest received on FDR made from grant received from Govt. can’t be considered as assessee’s income if such interest is to be treated as part of the grant as per the terms of release of such grant:
What is important is whether the interest earned on the Central Government grant is to be treated as the income earned or not, and not what the assessee claimed. As stated hereinabove, in the letter of the Central Government releasing the grant, which provides a condition that the interest earned on the central grant already released would form part of the central grant limit of Rs. 50 Crores...
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What about the refund claimed by the assesee??
Is it still allowed to be claimed without offering the Interest as income??