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Government Grant Held Non-Income Despite AO’s 15% Surplus Addition
Case Law Details
- Case Name
- ACIT (Exemption) Vs Indian Institute of Carpet Technology (ITAT Lucknow)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Lucknow
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ACIT (Exemption) Vs Indian Institute of Carpet Technology (ITAT Lucknow)
Govt Grant Not Income: Corpus by Conduct: Even Without Explicit Direction, Govt Grant Held Non-Income – AO’s 15% Surplus Addition Overturned by Tribunal-
Assessee, registered u/s 12A, received capital grants aggregating ₹2,90,56,214 from the Ministry of Textiles for setting up various institutional facilities. AO noted that the amount was directly credited to balance sheet instead of income & expenditure account, issued show-cause, & added the amount to gross receipts after allowing 15% deduction u/s 11...
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