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2016 (4) TMI 1342 - HC - Income TaxNature of receipts - grants in aid from the government - AO treated the grant to be income and assessed it for tax - Commissioner Appeal and the Appellate Tribunal found that the grants were received from the government by the society for creation of capital assets like Building and other Equipments and as the same has been used for the said purpose only and it is a capital assets - Held that:- As held that the aid received is in the nature of capital asset, is capital revenue and not income, therefore, the finding of the AO has been interfered with. In doing so, no error had been committed by the learned Authorities warranting consideration the concurrent finding recorded by the Commissioner and the Income Tax Appellate Tribunal are in accordance with the requirement of law. We see no substantial question involved warranting consideration. - decided against revenue
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