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Income of a substantially State-funded educational university...
Tax-audit exemption for substantially State-funded educational universities prevents audit-failure penalties where income qualifies for statutory exemption.
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Income of a substantially State-funded educational university was exempt under section 10(23C)(iiiab), removing the requirement for a tax audit under section 44AB. As the audit obligation did not apply, penalty under section 271B for failure to obtain an audit was inapplicable. Tax-audit penalties for both assessment years were therefore deleted.
Income of a substantially State-funded educational university was exempt under section 10(23C)(iiiab), removing the requirement for a tax audit under section 44AB. As the audit obligation did not apply, penalty under section 271B for failure to obtain an audit was inapplicable. Tax-audit penalties for both assessment years were therefore deleted.
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