https://www.taxtmi.com/caselaws?id=424224 The Tribunal upheld the CIT(A)'s decisions in favor of the assessee, ruling that the activities were charitable, making them eligible for exemptions under sections 11 & 12. The Government grants were deemed corpus funds for specific projects, not taxable income. Capital expenditure was allowed as an application of income, following Supreme Court precedent. The AO was directed to allow depreciation deduction. The Revenue's appeal was dismissed entirely. en-us Wed, 15 Jun 2022 00:00:00 +0530 Fri, 24 Jun 2022 08:35:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424224 The Tribunal upheld the CIT(A)'s decisions in favor of the assessee, ruling that the activities were charitable, making them eligible for exemptions under sections 11 & 12. The Government grants were deemed corpus funds for specific projects, not taxable income. Capital expenditure was allowed as an application of income, following Supreme Court precedent. The AO was directed to allow depreciation deduction. The Revenue's appeal was dismissed entirely. Case-Laws Income Tax Wed, 15 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424224