https://www.taxtmi.com/caselaws?id=754751 ITAT Hyderabad dismissed Revenue's appeal challenging exemption u/s 11 for non-utilization of 85% grants-in-aid. The assessee statutory body followed GFR 230(5) accounting procedure, treating grants as income only when utilized by implementing agencies and as expenditure when utilization certificates received. ITAT held AO incorrectly rejected books without identifying defects in audited accounts. Regarding equity share investment allegedly contravening s.13(1)(d), ITAT noted investment occurred in 2008-09, not current year, with no prior objections raised and continuing registration u/s 12AA. Revenue's appeal dismissed. en-us Tue, 13 Feb 2024 00:00:00 +0530 Sat, 29 Jun 2024 09:01:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754751 ITAT Hyderabad dismissed Revenue's appeal challenging exemption u/s 11 for non-utilization of 85% grants-in-aid. The assessee statutory body followed GFR 230(5) accounting procedure, treating grants as income only when utilized by implementing agencies and as expenditure when utilization certificates received. ITAT held AO incorrectly rejected books without identifying defects in audited accounts. Regarding equity share investment allegedly contravening s.13(1)(d), ITAT noted investment occurred in 2008-09, not current year, with no prior objections raised and continuing registration u/s 12AA. Revenue's appeal dismissed. Case-Laws Income Tax Tue, 13 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754751