Interest accrued on grant received from Govt. for constructing houses for Police Officials not taxable

INCOME TAX: Where amount of interest which accrued on grants received by assessee-society from State Government for various purposes including construction of houses for police officials could be used only for that purpose and in event it could not be used for that purpose, same has to be refunded back to Government, assessee was not recipient of income arising on account of interest earned on deposits with banks

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