Interest on Unutilised Government Grants Exempt: ITAT Ahmedabad

Gujarat Knowledge Society Vs ITO (ITAT Ahmedabad) Interest on Unutilised Government Grants Exempt: ITAT Ahmedabad Allows Section 10(23C)(iiiab) Relief to Gujarat Knowledge Society The Ahmedabad Bench of the ITAT allowed the appeal of Gujarat Knowledge Society for AY 2017-18, condoned a delay of 239 days, and held that the assessee was entitled to exemption under Section 10(23C)(iiiab) in respect of interest income of ₹4.28 crore earned on surplus funds parked with Gujarat State Financial Services Ltd. The assessee is a Government of Gujarat–established and Government-controlled charitable ...