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2015 (10) TMI 1429 - ITAT PANAJI

2015 (10) TMI 1429 - ITAT PANAJI - TMI - Eligibility u/s. 10(23C)(iiiac) denied - Held that:- In the case in hand, there is no dispute that the assessee is a wholly/substantially funded by the Government of India/State Govt. of Karnataka. This being the fact of the matter, the assessee is entitled for exemption u/s. 10(23C)(iiiac) of the Act. As no distinguishing facts/decisions have been brought on record by the Revenue, respectfully following the decision of the Coordinate Bench in the case of .....

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6/01/2014 for the A.Y. 2009-10. 2. The sum and substance of the grievance of the assessee is that the Ld. CIT(A) failed to hold the assessee eligible u/s. 10(23C)(iiiac) of the Act. 3. Briefly stated the facts of the case are that the assessee is a district level society, which comes under the auspices of Department of Health & Family Welfare, Govt. of Karnataka formed as a Special Purpose Vehicle specifically for the purpose of implementation of the Govt. of India sponsored National Rural H .....

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substantiated nor brought on record any material to indicate that the assessee is eligible for any of the clauses mentioned in sec. 10(23C) of the Act. The Assessing Officer further observed that the application of the assessee made u/s. 12AA of the Act has been rejected by the Commissioner of Income-tax, Belgaum vide his order dated 28/09/2011. Thus, the assessee is not entitled for exemption u/s. 11 of the Act. The Assessing Officer concluded by treating the interest income earned from bank d .....

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