TMI BlogGrant received from holding company as capital receipt - AO has not specifically invoked section 56(2)....Grant received from holding company as capital receipt - AO has not specifically invoked section 56(2). The dubious method adopted by the assessee of claiming the utilisation of grant as deduction from taxable income without offering the corresponding grant as income cannot be brushed aside on the claim that it is not debited to profit and loss account. As in substance the assessee is claiming the utilisation of grant as deduction in the computation of income. - The amount received from the hold..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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