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2015 (12) TMI 1071 - HC - Income TaxEligibility for exemption u/s 11 denied - CIT(A) held that the assessee was not eligible for exemption under Section 10(23C)(iiiab) - ITAT allowed assessee appeal holding that the institution/society run by the assessee had received substantial Government aid for the purpose of claiming exemption under Section 10(23C)(iiiab) - Held that:- In the present case, there has been financing by the Government when examined on individual institution basis to be ranging from 41% to 82% whereas when the percentage is taken for the society as a whole then it comes to 44.52% and 45.15% for the two years. The Tribunal after appreciation of evidence correctly held that the Government was substantially financing and interested in the management of the respondent-assessee and, therefore, were eligible for exemption under Section 10(23C)(iiiab) of the Act. Karnataka High Court in Indian Institute of Management's case (2010 (8) TMI 890 - KARNATAKA HIGH COURT) held where there was financing of 37.85% by the Government held the assessee to be entitled to eligible for exemption under Section 10(23C)(iiiab) - Decided against revenue.
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