https://www.taxtmi.com/caselaws?id=126632 The High Court upheld the Tribunal's decision in a case where grants received by the assessee were deemed capital receipts, not taxable income. The grants were intended for a specific project and were to be utilized as directed by the government, contributing to the corpus of the funds. The Court agreed that the grants were capital receipts, exempting the assessee under section 11(1)(d) of the Income Tax Act. The appeal challenging the Tribunal's decision was dismissed, affirming the non-taxable nature of the grants. en-us Mon, 13 Dec 2010 00:00:00 +0530 Fri, 30 Nov 2012 18:27:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126632 The High Court upheld the Tribunal's decision in a case where grants received by the assessee were deemed capital receipts, not taxable income. The grants were intended for a specific project and were to be utilized as directed by the government, contributing to the corpus of the funds. The Court agreed that the grants were capital receipts, exempting the assessee under section 11(1)(d) of the Income Tax Act. The appeal challenging the Tribunal's decision was dismissed, affirming the non-taxable nature of the grants. Case-Laws Income Tax Mon, 13 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126632