Food import sampling requirements support provisional release where unseized consignments conform to standards and raw areca classification is unestab...
Diagnostic microcuvette classification follows sole-use analytical function, placing specialised disposable cuvettes with their analyser rather than g...
Customs Broker licensing proceedings fail when their offence-report foundation collapses and authorisation, advisory, and KYC duties remain unbreached...
Tariff classification of Digital Axle Counters affirmed as electro-mechanical railway signalling equipment, eliminating duty, confiscation and penalty...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4886 
