TMI Blog2008 (12) TMI 754X X X X Extracts X X X X X X X X Extracts X X X X ..... #39;) against the order of the Income Tax Appellate Tribunal, Chandigarh Bench-B in ITA No.904/Chandi/2006 dated 20.7.2007, proposing to raise following substantial questions of law:- i) Whether on the facts and the circumstances of the case, the Hon'ble ITAT was correct in holding that the receipts of grants-in-aid by the assessee from Central/State Govt. are not voluntary contributions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee is a charitable society for promotion of sports and is registered under section 12-A of the Act. It receives grants from Central and State Government for specific purposes for developing sports and for meeting expenses of the society. The Assessing Officer treated the grants to be income on the ground that the assessee failed to give notice in Form No.10 in prescribed manner. The CIT(Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 3. In view of finding of the Tribunal, there is no reason to hold that grants-in-aid received from the Central or State Government for specific purposes for advancement of sports are not to be treated as voluntary contributions or are to be treated as taxable income of the society. The method of accountancy is a question of fact and the Tribunal has held that the assessee was maintaining cash ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
