Government Grant Held Non-Income Despite AO’s 15% Surplus Addition

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

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