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 account, issued show-cause, & added the amount to gross receipts after allowing 15% deduction u/s 11...