https://www.taxtmi.com/caselaws?id=763680 ITAT Delhi held that assessee was entitled to section 11 exemption despite AO's denial. The return of income and Form 10B audit report were filed together on 25-1-2019, which was within the due date prescribed under section 139(4). Additionally, grants received by assessee were specific purpose grants with disbursement letters proving monies were paid only for designated purposes, thus not constituting income. ITAT ruled these grants do not have character of income and allowed section 11 deduction in favour of assessee. en-us Wed, 18 Dec 2024 00:00:00 +0530 Thu, 26 Dec 2024 08:45:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763680 ITAT Delhi held that assessee was entitled to section 11 exemption despite AO's denial. The return of income and Form 10B audit report were filed together on 25-1-2019, which was within the due date prescribed under section 139(4). Additionally, grants received by assessee were specific purpose grants with disbursement letters proving monies were paid only for designated purposes, thus not constituting income. ITAT ruled these grants do not have character of income and allowed section 11 deduction in favour of assessee. Case-Laws Income Tax Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763680