Reassessment for unreturned property sales survives where transfer information, non-filing, and unsupported exemption claims establish a prima facie l...
Profit-element taxation limits additions for unaccounted flat-sale receipts and grey-market purchases, while reliable search records support partial a...
Non-participating bidders cannot disturb concluded liquidation sales on speculative prejudice, while costs for such challenges must remain proportiona...
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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TaxTMI 
TaxTMI 
of 4891 
