Government Grants for Specific Purposes Not Recognized as Income Until Utilized: ITAT [Read Order]
The tribunal found that the grant, intended for agricultural infrastructure and development activities, was subject to strict conditions and did not provide an immediate economic benefit to the assessee
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that government grants received for specific purposes, such as the ₹50,00,000 grant under the Rashtriya Krishi Vikas Yojana (RKVY), are not recognized as income until utilized.Gandhinagar District Coop.Milk Producers Union Ltd.,the appellant assessee,was a co-operative society registered under the Gujarat Co-operative Societies Act,…
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