Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
ITAT ruled that interest earned on fixed deposits from unspent government grants qualifies as grant income under section 10(23C)(iiiac). When this interest is added to direct grants received, total government funding exceeds the required 50% threshold. The institution, managed by state government, meets eligibility criteria for tax exemption. ITAT upheld CIT(A)'s decision that the assessee qualifies for exemption under both section 10(23C)(iiiac) and section 11(2) of Income Tax Act. Revenue's objections were dismissed, confirming the educational institution's exempt status based on combined grant receipts and associated interest income meeting statutory requirements for substantial government funding.
ITAT ruled that interest earned on fixed deposits from unspent government grants qualifies as grant income under section 10(23C)(iiiac). When this interest is added to direct grants received, total government funding exceeds the required 50% threshold. The institution, managed by state government, meets eligibility criteria for tax exemption. ITAT upheld CIT(A)'s decision that the assessee qualifies for exemption under both section 10(23C)(iiiac) and section 11(2) of Income Tax Act. Revenue's objections were dismissed, confirming the educational institution's exempt status based on combined grant receipts and associated interest income meeting statutory requirements for substantial government funding.
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