https://www.taxtmi.com/caselaws?id=123064 The Tribunal ruled in favor of the assessee, holding that the college qualified for exemption under section 10(23C)(iiiab) as it was substantially financed by the Government, operated solely for educational purposes, and not for profit. The surplus income of Rs. 46,97,349 was deemed exempt. The disallowance of Rs. 14,61,000 was overturned, and the need for an audit report under section 12A(b) was considered irrelevant. The appeal was partially allowed in favor of the assessee. en-us Fri, 14 Aug 2009 00:00:00 +0530 Sat, 01 Sep 2012 11:34:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=123064 The Tribunal ruled in favor of the assessee, holding that the college qualified for exemption under section 10(23C)(iiiab) as it was substantially financed by the Government, operated solely for educational purposes, and not for profit. The surplus income of Rs. 46,97,349 was deemed exempt. The disallowance of Rs. 14,61,000 was overturned, and the need for an audit report under section 12A(b) was considered irrelevant. The appeal was partially allowed in favor of the assessee. Case-Laws Income Tax Fri, 14 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=123064