https://www.taxtmi.com/caselaws?id=779496 ITAT CHANDIGARH - AT held that the CIT's revision under s.263 was unjustified and quashed the impugned order. The tribunal found the CBDT notification dated 22.12.2017 exempts both grant-in-aid and interest accrued on the CCTNS Fund, treating the fund as consolidated grant-in-aid from the Ministry of Home Affairs. The assessee, a no-profit body implementing the government project, did not carry on commercial activity; the AO's exemption under s.10(46) on interest was therefore valid. The assessee's appeal was allowed. en-us Wed, 22 Jan 2025 00:00:00 +0530 Mon, 06 Oct 2025 15:19:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779496 ITAT CHANDIGARH - AT held that the CIT's revision under s.263 was unjustified and quashed the impugned order. The tribunal found the CBDT notification dated 22.12.2017 exempts both grant-in-aid and interest accrued on the CCTNS Fund, treating the fund as consolidated grant-in-aid from the Ministry of Home Affairs. The assessee, a no-profit body implementing the government project, did not carry on commercial activity; the AO's exemption under s.10(46) on interest was therefore valid. The assessee's appeal was allowed. Case-Laws Income Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779496