https://www.taxtmi.com/notifications?id=23975 IGAS 2 requires cash grants to be recognized by the grantor on disbursement and by the grantee on receipt; in-kind grants recognized at receipt where value exists and valued using grantor cost or market/replacement value. Grants disbursed are classified as revenue expenditure in the grantor's accounts and grants received as revenue receipts in the grantee's accounts, including pass-through grants. Creation of capital assets by grantees does not convert grantor expenditure to capital except where expressly authorised; such exceptions and details of funds released and funds allocated for capital formation must be disclosed in the prescribed format. en-us Thu, 19 May 2011 00:00:00 +0530 Fri, 24 Jun 2011 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=23975 IGAS 2 requires cash grants to be recognized by the grantor on disbursement and by the grantee on receipt; in-kind grants recognized at receipt where value exists and valued using grantor cost or market/replacement value. Grants disbursed are classified as revenue expenditure in the grantor's accounts and grants received as revenue receipts in the grantee's accounts, including pass-through grants. Creation of capital assets by grantees does not convert grantor expenditure to capital except where expressly authorised; such exceptions and details of funds released and funds allocated for capital formation must be disclosed in the prescribed format. Notifications Income Tax Thu, 19 May 2011 00:00:00 +0530 https://www.taxtmi.com/notifications?id=23975