Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
The assessee, a government educational institute, received a grant of Rs. 2.50 crore from the Central Government's Ministry of Labour and Employment under the "Upgradation of 1396 Government ITIs through Public Private Partnership" scheme between 2008-09 and 2011-12. The grant was invested in fixed deposits with scheduled banks. Out of the total gross receipts of Rs. 26,13,473/- during the year, Rs. 19,32,473/- was received as interest from the fixed deposits made from the government grant and savings bank account, accounting for more than 50% of the grant receipts. The ITAT held that the assessee institute is substantially funded by the Central Government and is entitled to exemption u/s 10(23C)(iiiab) of the Income Tax Act. The decision was in favor of the assessee.
The assessee, a government educational institute, received a grant of Rs. 2.50 crore from the Central Government's Ministry of Labour and Employment under the "Upgradation of 1396 Government ITIs through Public Private Partnership" scheme between 2008-09 and 2011-12. The grant was invested in fixed deposits with scheduled banks. Out of the total gross receipts of Rs. 26,13,473/- during the year, Rs. 19,32,473/- was received as interest from the fixed deposits made from the government grant and savings bank account, accounting for more than 50% of the grant receipts. The ITAT held that the assessee institute is substantially funded by the Central Government and is entitled to exemption u/s 10(23C)(iiiab) of the Income Tax Act. The decision was in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
