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2015 (5) TMI 219 - HC - Income TaxBenefit under section 10(23C)(iiiab) - ITAT allowed the claim - once a benefit is granted under section 10(23C)(iiiab) of the Act, the assessee is also entitled to the benefit under section 11 and, therefore, the Revenue's appeals were dismissed by Tribunal - Held that:- The material on record discloses that the Government has financed the institutions and their share is roughly about 25 per cent. It is not in dispute that the assessee is carrying on its activities of imparting education. It is not existing for the sake of profit-making. When 25 per cent. of the finance to the assessee-institutions flows from the Government it constitutes the substantial finance and, therefore, it has satisfied all the legal requirements provided under section 10(23C)(iiiab) of the Act. Thus the finding recorded by the Tribunal that the assessee is entitled to the benefit exempted under section 10(23C)(iiiab) cannot be found fault with. The question, whether once a benefit under section 10(23C)(iiiab) of the Act is granted, the grant of exemption under section 11 of the Act is attracted or not is not gone into. It shall be decided as and when occasion arises before the appropriate court. Therefore, the finding of the Tribunal to that extent is kept open to be agitated in an appropriate forum and it will not act as precedent in the future assessment. - Decided against revenue.
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