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2018 (1) TMI 1701 - AT - Income TaxExemption u/s 10(23)(c)(iiiab) - AO held that since no amount has been received from the Government the institute cannot be held to be eligible for exemption under section 10(23)(c)(iiiab) - HELD THAT:- As it is not in dispute that the assessee fulfils the twin conditions of: a) university or other educational institution existing solely for the educational purposes and not for purposes of profit, and b) which is wholly or substantially financed by the government. as stipulated under section 10(23)(c)(iiiab). Since the assessee is wholly funded and owned by the Govt., the finance are being audit by the CAG, Punjab and the receipts are paid into consolidated fund of the Govt. the assessee is eligible for exemption under section 10(23)(c)(iiiab). Hence we decline to interfere with the order of the Ld. CIT(A). The appeals of the Revenue are dismissed.
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