https://www.taxtmi.com/caselaws?id=210071 The High Court ruled in favor of the assessee, a public sector undertaking receiving subsidies from the Bihar Government for educational purposes. The court held that the subsidies were exempt from taxation under section 10(23C)(iiiab) of the Income Tax Act as they were intended to promote education among disadvantaged sections of society. The court disagreed with the ITAT's decision to tax the subsidies, emphasizing that they were not meant for profit-making but for charitable activities. The court set aside the ITAT's order, directing a fresh assessment by the assessing officer without awarding costs. en-us Fri, 01 Apr 2011 00:00:00 +0530 Thu, 28 Apr 2016 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210071 The High Court ruled in favor of the assessee, a public sector undertaking receiving subsidies from the Bihar Government for educational purposes. The court held that the subsidies were exempt from taxation under section 10(23C)(iiiab) of the Income Tax Act as they were intended to promote education among disadvantaged sections of society. The court disagreed with the ITAT's decision to tax the subsidies, emphasizing that they were not meant for profit-making but for charitable activities. The court set aside the ITAT's order, directing a fresh assessment by the assessing officer without awarding costs. Case-Laws Income Tax Fri, 01 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210071