https://www.taxtmi.com/caselaws?id=428609 Grants received for identified foreign participation events, where the funds had to be kept in a separate account, used only for the sanctioned purpose, audited, and refunded with interest if unspent, were treated as tied-up project funds rather than voluntary contributions. On that basis, the receipts were not regarded as income of the trust or society for the purposes of sections 11 and 12 of the Income-tax Act. The discussion also notes that exemption could not be denied merely for want of approval under section 11(1)(c) when the amounts were not freely disposable contributions, and the earlier view taken in the assessee's later years on identical facts was followed. en-us Fri, 30 Sep 2022 00:00:00 +0530 Thu, 06 Oct 2022 08:36:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428609 Grants received for identified foreign participation events, where the funds had to be kept in a separate account, used only for the sanctioned purpose, audited, and refunded with interest if unspent, were treated as tied-up project funds rather than voluntary contributions. On that basis, the receipts were not regarded as income of the trust or society for the purposes of sections 11 and 12 of the Income-tax Act. The discussion also notes that exemption could not be denied merely for want of approval under section 11(1)(c) when the amounts were not freely disposable contributions, and the earlier view taken in the assessee's later years on identical facts was followed. Case-Laws Income Tax Fri, 30 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428609