Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
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Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Exemption u/s 11 - whether the grant-in-aid received by the assessee was capital receipt or revenue receipt? - Even by way of amendment to Section 2(24) (xviii), exemption is available to the institutions like the assessee, as noticed above. - ITAT has definitely not considered the matter in the above noted context. The fact that the assessee received only one time grant with a specific purpose which nowhere suggested scope of profit generation or revenue for the assessee, the amount received by the assessee by way of grant-in-aid thus could not be termed to be revenue receipt. - HC
Exemption u/s 11 - whether the grant-in-aid received by the assessee was capital receipt or revenue receipt? - Even by way of amendment to Section 2(24) (xviii), exemption is available to the institutions like the assessee, as noticed above. - ITAT has definitely not considered the matter in the above noted context. The fact that the assessee received only one time grant with a specific purpose which nowhere suggested scope of profit generation or revenue for the assessee, the amount received by the assessee by way of grant-in-aid thus could not be termed to be revenue receipt. - HC
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