https://www.taxtmi.com/caselaws?id=266958 Reassessment initiated after four years was held unsustainable because it was based on the same material already examined in the original assessment, with no new tangible material and no failure to fully and truly disclose material facts. The Tribunal also construed "substantially financed by the Government" for educational exemption contextually, rather than by applying a rigid 75% test, and treated government grants exceeding 50% of expenditure as sufficient on the facts. The reopening was invalid, and the assessee qualified for exemption. en-us Wed, 16 Sep 2015 00:00:00 +0530 Mon, 26 Oct 2015 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266958 Reassessment initiated after four years was held unsustainable because it was based on the same material already examined in the original assessment, with no new tangible material and no failure to fully and truly disclose material facts. The Tribunal also construed "substantially financed by the Government" for educational exemption contextually, rather than by applying a rigid 75% test, and treated government grants exceeding 50% of expenditure as sufficient on the facts. The reopening was invalid, and the assessee qualified for exemption. Case-Laws Income Tax Wed, 16 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266958