Grant received under Sampoorna Gramin Swarojgar Yogna is not revenue receipt

DCIT Vs Kaira District Co-op Milk Producers Union Limited (ITAT Ahmedabad) ITAT Ahmedabad held that grant received under Sampoorna Gramin Swarojgar Yogna (SGSY) from Government of Gujarat and interest earned on such grant cannot be treated as revenue receipt. Accordingly, the same is not liable to be taxed. Facts- The assessee is a Co-operative Society deriving income from the business of manufacturing and marketing milk and milk products. The assessee’s case was taken up for scrutiny assessment and made various disallowances and the A.O. determined the total income at Rs. 5,58,77,595/- and ...