Allowing the writ petitions the Court held that, interest accrued on grants received from State Government is held to be not liable to be taxed. Reassessment proceedings were quashed.
Punjab Police Housing Corporation Ltd. v. PCIT (2020) 116 taxmann.com 402 (P&H)(HC)
S. 4 : Charge of income-tax-Interest accrued-Grants received from State Government-Not liable to be taxed. [S.144, 147, 148]