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True character of receipt in the hands of assessee can not be judged by utilization thereof
Case Law Details
- Case Name
- ACIT Vs. Sanghi Textiles Ltd. (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Hyderabad
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RELEVANT PARAGRAPH
13. We have duly considered the rival contentions and the material on record. The crux of the matter is to determine the true character of the receipt in the hands of the assessee and not the utilization thereof. The utilization will not determine the nature of the receipt. The assessee may mis-utilise the funds but that will not either determine or change the character of the receipt. The foremost thing to be appreciated is that the assessee has taken upon itself to resuscitate a body which is in a comatose situation. The amount of Rs. 4.60 crores is given to help the asse...
