Dear All,
One of the assessee have received Government Grant of Rs.725000/- on 20/03/2016 (FY 2015-16) for purchasing capital assets like machinery and equipment for augment the post-graduate and research facilities in the department. They have purchased machinery of Rs.725000/- via Tax Invoice No.3056. But actual payment was made on 12/04/2016 (FY 2016-17).
Now i want to give utilization certificate against grant received in FY 2015-16. So can i issue utilisation certificate on Accrual basis or Payment Basis.
Please Reply its urgent.
Regards,
Saumit Patil
patilsaumit2 @ gmail.com
CAclubindia
