Reflection in the P/L a/c towards income not determinative; Entries in books of account do not decide the nature of receipts -HC

CIT Vs. M/s State Urban Development Society (P & H High Court)- It has been held that reflection in the profit and loss account towards the income is not determinative. The entries in the books of account do not decide the nature of receipts. Since, the grants have been received by the assessee for disbursement and keeping in view the fact that the same cannot be utilised for any other purpose such as distribution for the

Please become a Premium member. If you are already a Premium member, login here to access the full content.