Exemption u/s 10(23C)(iiiab) - grant from Government is in excess of 50% of its total receipts - scope...

Exemption u/s 10(23C)(iiiab) - grant from Government is in excess of 50% of its total receipts - scope of explanation inserted by Finance Act, 2014 defining substantially financed by the Gov. - without holding the Explanation to Section 10(23C)(iiiab), inserted into the Act w.e.f. 1st April, 2015, is retrospective, the same is being used as an aid in construing the ambiguous provision - exemption allowable .....

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