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Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
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Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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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.
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