https://www.taxtmi.com/caselaws?id=173534 The Tribunal ruled in favor of the appellant, finding that the grant received was distributed as per guidelines, constituting application of income under Section 11. It held that the intimation under explanation 2 to section 11(1) was not mandatory, and the conditions of Section 11(1) regarding the application of funds were met. The Tribunal disagreed with the CIT(A) regarding the exemption u/s 11(1) based on a utilization certificate, stating that the grant was discharged upon fund disbursement. The appeal of the assessee was allowed based on these findings. en-us Fri, 12 Apr 2013 00:00:00 +0530 Thu, 17 Sep 2015 13:01:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173534 The Tribunal ruled in favor of the appellant, finding that the grant received was distributed as per guidelines, constituting application of income under Section 11. It held that the intimation under explanation 2 to section 11(1) was not mandatory, and the conditions of Section 11(1) regarding the application of funds were met. The Tribunal disagreed with the CIT(A) regarding the exemption u/s 11(1) based on a utilization certificate, stating that the grant was discharged upon fund disbursement. The appeal of the assessee was allowed based on these findings. Case-Laws Income Tax Fri, 12 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173534