TMI Blog2018 (1) TMI 1701X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - ITA Nos.1391 to 1397/Chd/2017 - - - Dated:- 17-1-2018 - Ms. Diva Singh, Judicial Member And Dr. B.R.R. Kumar, Accountant Member For the Assessee : Smt. Kiran Papneja. For the Department : Smt. Chandrakanta. ORDER PER BENCH : All the above appeals have been filed by Revenue against the order of Ld. CIT(A), Patiala dt. 29/06/2017 on the following grounds: 1. That on the facts and circumstances ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... educational purposes and not for the purpose of profit and the second condition being the assessee should be either wholly or substantially financed by the Government. The Assessing Officer 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). 5. The matter travelled up to the Tribunal and the coordinate Bench of ITAT Chandigarh vide order dt. 21/10/2016 in ITA No. 1110 to 1116 has set aside all the appeals to the file of Ld. CIT(A) for denovo adjudication. 6. In the second round of adjudication Ld. CIT(A) has deleted the addition based on the letter of the Principal Secretary Govt. of Punjab to the effect that the institute is fully o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the institution for achieving the objectives of the Society as yearly grant will stop the annual budget of the institute is passed everyday by the Department of Technical Education and Industrial Training through its meeting of the Finance Committee. Further, the accounts of the institution are subjected to audit by the office of the Controller and Auditor General, Punjab. From the perusal of the above 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). 9. Since the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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