https://www.taxtmi.com/caselaws?id=278287 The High Court upheld the decisions of the lower authorities, ruling that grants received by societies for creating capital assets like school buildings and equipment were not taxable income but capital assets. The court emphasized that such grants, utilized for specific purposes, should be treated as capital revenue, not income for tax assessment. The appeals challenging the deletions granted by the Commissioner Appeals under Section 260-A of the Income Tax Act were dismissed. en-us Tue, 05 Apr 2016 00:00:00 +0530 Wed, 23 Jan 2019 07:34:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278287 The High Court upheld the decisions of the lower authorities, ruling that grants received by societies for creating capital assets like school buildings and equipment were not taxable income but capital assets. The court emphasized that such grants, utilized for specific purposes, should be treated as capital revenue, not income for tax assessment. The appeals challenging the deletions granted by the Commissioner Appeals under Section 260-A of the Income Tax Act were dismissed. Case-Laws Income Tax Tue, 05 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278287