ITAT Sets Aside Assessment to Examine Exemption Claim on Government Grant

Advertisement Haryana Saraswati Heritage Development Board Vs DCIT/ACIT (ITAT Chandigarh) The appeal concerns the order passed by the CIT(A)/NFAC, Delhi, dated 20.05.2025, relating to Assessment Year 2017-18. The assessee challenged the addition of ₹9,42,35,873, contending that the amount represented budget allocation received upon the formation of the board, which formed its corpus. The assessee filed its return of income at nil on 03.11.2017 and subsequently revised it on 29.12.2017, again declaring nil income. The case was selected for scrutiny, and a notice under section 143(2) was is...