We have received a grant but we don't want to show that as grant in our financial statements, what are the other options available?

Why would you NOT want to do the right thing and show the truth?

Deceptive actions can have many repercussions.

If I wrote you the grant and you were going to mislabel or redirect the funds,I would have you arrested.

It is not hiding the truth! Its just a matter of choice of accounting e.g. to show it as subordinated loan, and we want to do this in accordance with IRFSs and have intimated the donors as well to get tax benefits

It is not hiding the truth! Its just a matter of choice of accounting e.g. to show it as subordinated loan, and we want to do this in accordance with IRFSs and have intimated the donors as well to get tax benefits

IRFSs? Please explain who this is.

Tax benefits from a grant?Please describe how that can occur,legally please.

What was the grant for? A business or what ? Seems to me you are trying to hide something!