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2015 (11) TMI 435 - AT - Income TaxEligibility for exemption u/s.11 - Held that:- In the light of the examination of the facts of the case, we direct the Assessing Officer to redo the assessments in the following lines : (1) The tied-up grants received from the donor, Bread for the World, will be taken out of the computation of income from the income-side. (2) All the money spent under the tied-up programmes directed by the donor also will be taken out of the computation of income from the expense-side. (3) Any non-refundable credit balance in the personal account of Bread for the World will be treated as income in the year in which such non-refundable balance was ascertained. (4) The expenses incurred by the assessee for house construction, reclamation of land, non-formal education programme (other than covered by the tied-up grants) will be deducted as revenue expenses. Further, we make it clear that if the assessee already considered above grant as income of the assessee in its income and expenditure account, then the finding of the Tribunal above is not applicable. These appeals are remitted back to the file of the Commissioner of Income Tax (Appeals) for fresh consideration.
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