https://www.taxtmi.com/caselaws?id=759660 The ITAT Ahmedabad dismissed the Revenue's appeal regarding addition of 15% grants as income. The assessee successfully demonstrated through GOG resolution and audited statements that decentralized grants were pass-through funds routed to other government agencies, not utilized by the assessee. The CIT(A) correctly found the AO's addition was based on assumptions without evidence. The tribunal upheld that only real income can be taxed, not notional income, as the alleged income never accrued to the assessee since funds were merely transferred per government directions. en-us Thu, 03 Oct 2024 00:00:00 +0530 Sat, 05 Oct 2024 08:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759660 The ITAT Ahmedabad dismissed the Revenue's appeal regarding addition of 15% grants as income. The assessee successfully demonstrated through GOG resolution and audited statements that decentralized grants were pass-through funds routed to other government agencies, not utilized by the assessee. The CIT(A) correctly found the AO's addition was based on assumptions without evidence. The tribunal upheld that only real income can be taxed, not notional income, as the alleged income never accrued to the assessee since funds were merely transferred per government directions. Case-Laws Income Tax Thu, 03 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759660