https://www.taxtmi.com/caselaws?id=351842 The ITAT allowed the appeal, ruling that donations received for specific purposes, such as the acquisition of fixed assets, are considered tied-up grants and not taxable income under Section 2(24)(iia) of the Income Tax Act. The ITAT held that voluntary contributions for specific purposes are capital receipts, aligning with legal precedents and the evidence presented by the appellant, setting aside the lower authorities' decisions. en-us Wed, 22 Nov 2017 00:00:00 +0530 Fri, 09 Sep 2022 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351842 The ITAT allowed the appeal, ruling that donations received for specific purposes, such as the acquisition of fixed assets, are considered tied-up grants and not taxable income under Section 2(24)(iia) of the Income Tax Act. The ITAT held that voluntary contributions for specific purposes are capital receipts, aligning with legal precedents and the evidence presented by the appellant, setting aside the lower authorities' decisions. Case-Laws Income Tax Wed, 22 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351842