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2015 (2) TMI 360 - HC - Income TaxEntitlement for the exemption under section 10(23C)(iiiab) - 'wholly or substantially financed by the Government' - Held that:- The word "wholly or substantially financed by the Government" cannot be confined only to the annual grants. Apart from providing annual grant, if the Government grants land, invests money in building and infrastructure and also running the educational institutions all that has to be taken into consideration to decide whether the institution is wholly or substantially financed by the Government. The facts of this case and the material on record clearly establishes that the assessee is wholly or substantially financed by the Government and, therefore, the assessee is entitled to the benefit of exemption under section 10(23C)(iiiab) of the Income-tax Act.- Decided in favour of the assessee.
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