https://www.taxtmi.com/caselaws?id=72031 An educational institution qualifies for exemption under section 10(23C)(iiiab) where it exists solely for educational purposes, is not for profit, and is in substance wholly and substantially financed by the Government. The Tribunal treated governmental origin and control, the funding pattern shown in the balance sheet, treatment of grants and retained revenues, CAG audit, and consistent findings in earlier years as showing substantive governmental finance. It held that the presence of fee income or retention of generated revenue does not by itself defeat substantial finance, because the inquiry is structural and substantive rather than a year-to-year comparison of grants and fee receipts. The assessee therefore remained entitled to exemption. en-us Fri, 09 May 2008 00:00:00 +0530 Fri, 15 Dec 2023 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=72031 An educational institution qualifies for exemption under section 10(23C)(iiiab) where it exists solely for educational purposes, is not for profit, and is in substance wholly and substantially financed by the Government. The Tribunal treated governmental origin and control, the funding pattern shown in the balance sheet, treatment of grants and retained revenues, CAG audit, and consistent findings in earlier years as showing substantive governmental finance. It held that the presence of fee income or retention of generated revenue does not by itself defeat substantial finance, because the inquiry is structural and substantive rather than a year-to-year comparison of grants and fee receipts. The assessee therefore remained entitled to exemption. Case-Laws Income Tax Fri, 09 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=72031