https://www.taxtmi.com/caselaws?id=151119 An educational institution run by a co-operative society and existing solely for educational purposes and not for profit was treated as wholly or substantially financed by Government for exemption under section 10(23C)(iiiab). The Tribunal held that Government financing is not confined to direct grants and may include indirect, law-backed funding through a statutory mechanism, where member societies were required by legislation to contribute to the education fund and default was recoverable as arrears of land revenue. Applying a liberal construction to the exemption provision, the Tribunal accepted the statutory funding structure as sufficient financing and allowed the exemption; the consequential penalty appeal could not survive. en-us Fri, 30 Apr 2010 00:00:00 +0530 Thu, 30 May 2013 16:07:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151119 An educational institution run by a co-operative society and existing solely for educational purposes and not for profit was treated as wholly or substantially financed by Government for exemption under section 10(23C)(iiiab). The Tribunal held that Government financing is not confined to direct grants and may include indirect, law-backed funding through a statutory mechanism, where member societies were required by legislation to contribute to the education fund and default was recoverable as arrears of land revenue. Applying a liberal construction to the exemption provision, the Tribunal accepted the statutory funding structure as sufficient financing and allowed the exemption; the consequential penalty appeal could not survive. Case-Laws Income Tax Fri, 30 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151119