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2013 (12) TMI 1202 - ALLAHABAD HIGH COURTWhether interest income earned on FDR is not taxable - unutilized interest was received, on the amount of grant received from the State Government, and kept in FDRs by the assessee - Held that - On the directions of the State Government, the assessee kept the unutilized grant in the bank. The interest accrued on such deposit did not form part of the profit and loss account of the Corporation, but will be treated as part of the grant-in-aid given by the State Government. The letter of the State Government dated 3.4.1980, was relied upon by the CIT (Appeals) in granting the relief - Decided against Revenue.
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