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2015 (4) TMI 13 - HC - Income TaxTaxability of the interest receipt in the hands of the assessee - ITAT not treating the interest as income of the assessee - Held that:- The Hon'ble Tribunal on considering the letter of the Central Government while sanctioning the grant in favour of the assessee, more particularly the condition that, "the interest earned on the central grant already released would form part of the central grant limit of ₹ 50 Crores" and considering the decision(s) of the Hon'ble Gujarat High Court in the case of Gujarat Municipal Finance Board vs. Dy.CIT reported at (1996 (5) TMI 71 - GUJARAT High Court) as well as in the case of Gujarat Power Corporation Ltd. vs. ITO reported at (2012 (11) TMI 181 - Gujarat High Court), the Tribunal has correctly allowed the appeal by deleting the addition made by the AO. The Hon'ble Jurisdictional High Court affirmed the view taken by the Tribunal who has also has gone by its earlier decision in respect of the very assessee for the earlier assessment year 2007-2008 and assessment year 2010-2011 - Decided in favour of assessee.
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