https://www.taxtmi.com/caselaws?id=328250 Exemption under section 10(23C)(iiiab) requires cumulative proof that an institution exists solely for educational purposes and is wholly or substantially financed by Government. The assessee failed both tests because its objects extended beyond education to cooperative, advisory, promotional and commercial ies, and Government funding was only a small part of its receipts. The Tribunal also refused to admit the additional ground challenging assessment as a co-operative society instead of an Artificial Juridical Person, as no prejudice or tax consequence was shown from the alleged status change. The exemption claim was rejected, the status objection was not entertained, and the remaining grounds were remanded for fresh consideration. en-us Wed, 25 May 2016 00:00:00 +0530 Mon, 30 May 2016 16:57:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328250 Exemption under section 10(23C)(iiiab) requires cumulative proof that an institution exists solely for educational purposes and is wholly or substantially financed by Government. The assessee failed both tests because its objects extended beyond education to cooperative, advisory, promotional and commercial ies, and Government funding was only a small part of its receipts. The Tribunal also refused to admit the additional ground challenging assessment as a co-operative society instead of an Artificial Juridical Person, as no prejudice or tax consequence was shown from the alleged status change. The exemption claim was rejected, the status objection was not entertained, and the remaining grounds were remanded for fresh consideration. Case-Laws Income Tax Wed, 25 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328250