2016 (4) TMI 1342

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..... 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 findin .....

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..... ies in question namely the Assessee received various grants in aid from the government and utilized the grants for the purpose of creating capital assets like construction of School Building, Girls Hostels or purchase of Equipments for use in the institute. The assessing officer treated the grant to be income and assessed it for tax, however, the Commissioner Appeal and the Appellate Tribunal foun .....

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