https://www.taxtmi.com/caselaws?id=174852 An educational institution is entitled to exemption under section 10(23C)(iiiab) where it exists solely for educational purposes, is not run for profit, and is substantially financed by Government grants. The term "substantially financed" is not defined in the Income-tax Act and must be construed in context; a rigid 75% funding threshold from the Comptroller and Auditor General's Act cannot be imported to deny exemption. On the facts noted, government funding of 56.86% was treated as sufficient substantial finance, and the exemption was upheld. en-us Wed, 26 Sep 2012 00:00:00 +0530 Mon, 26 Oct 2015 09:34:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174852 An educational institution is entitled to exemption under section 10(23C)(iiiab) where it exists solely for educational purposes, is not run for profit, and is substantially financed by Government grants. The term "substantially financed" is not defined in the Income-tax Act and must be construed in context; a rigid 75% funding threshold from the Comptroller and Auditor General's Act cannot be imported to deny exemption. On the facts noted, government funding of 56.86% was treated as sufficient substantial finance, and the exemption was upheld. Case-Laws Income Tax Wed, 26 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174852