Assessee is a 10(23 c)iv exempted R&D institution, during the previous year 2011-12, assessee received a specific grant from Govt of India to set up a new R&D centre in the month of March,2012. As on 31.03.2012 the entire amount was unspent. The specific grant is almost 50% of the total Grant received fro the year. In filing the ITR for the FY 2011-12 the specific grant was not considered as Income and rest is shown as income and claimed exemption U/s 10(23C) (iv). Assessee spent almost 95% of the grant received other than the specified grant. Specific grant is shown as unspent in the accounts also.
During year 2012-13 the entire specific grant is spent.
Whether the specif grant received during the FY 2011-12 to be shown as Income and claim deduction during the FY 2012-13.?
Please put your thoughts and advice if there is an alternative.
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