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        Case ID :
        Income Tax

        How to deal with a situation where compensation is payable for the purposes of giving ‘immediate financial support’ with no further related cost.

        31 August, 2017

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        Manual - ICDS VII : Government Grants

        In this circumstance, a government grant is awarded for giving immediate financial support to an enterprise rather than as an incentive to undertake specific expenditure. Such grants may be confined to an individual enterprise and may not be available to a whole class of enterprises. In such a case, the grantee is considered to have complied with the grant related conditions and has to recognize grant in the period in which such sums become receivable. Actual receipt is immaterial for the purposes of income recognition.

         

        Government grant for immediate financial support must be recognised when receivable, irrespective of actual receipt. Government grants given as immediate financial support and not tied to specific expenditure must be recognised when the grantee is entitled and sums become receivable; actual receipt is immaterial. If the grant is confined to an individual enterprise and grant-related conditions are met, recognition occurs in the period of receivability, governing timing of income inclusion and disclosure under the income computation framework.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Government grant for immediate financial support must be recognised when receivable, irrespective of actual receipt.

                              Government grants given as immediate financial support and not tied to specific expenditure must be recognised when the grantee is entitled and sums become receivable; actual receipt is immaterial. If the grant is confined to an individual enterprise and grant-related conditions are met, recognition occurs in the period of receivability, governing timing of income inclusion and disclosure under the income computation framework.


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