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2022 (12) TMI 23 - AT - Income TaxDisallowance of exemption claimed u/s 10(23C)(iiiab) - assessee society is registered under the Societies Registration Act and is engaged in imparting education and running an institute by the name of Baba Hira Singh Bhattal Institute of Engineering and Technology, Lehragaga since 2004-05 - condition as to whether the assessee is wholly or substantially financed by the Government? - HELD THAT:- There is no limit specified on the quantum of revenues generated by the institute, the period during which such revenues are generated and the period for which the revenues are allowed to be retained by the institute. Therefore, irrespective of quantum of revenues which the institute generate in respective financial years, the revenues so generated belongs to the Consolidated fund of the Government and which continue to remain permitted to be retained by the institute. The Coordinate Bench has therefore taking into consideration the aforesaid contents of the said letter has decided the matter for all the years starting from A.Y 2006-07 to A.Y 2012-13 and for the year under consideration, we therefore donot see any basis to deviate from the decision of the Coordinate Bench as undisputedly, for the year under consideration, there is no change in the facts and circumstances of the case as regard retention of revenues by the assessee society as grant in aid by the Government of Punjab and the assessee society thus continue to remain wholly funded by the Government of Punjab and the assessee is thus held eligible for exemption under section 10(23C)(iiiab) of the Act. Appeal of assessee allowed.
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