https://www.taxtmi.com/caselaws?id=312370 ITAT Indore denied exemption u/s 10(23C) to a university established under MP Vishwavidhalaya Adhiniyam, 1973. The AO found that government grants of Rs. 3.90 crores constituted only 3.50% of total receipts of Rs. 109 crores, failing the "substantially financed by government" requirement. The tribunal rejected the assessee's argument that examination fees from government-aided colleges should be considered government receipts, noting lack of evidence. However, ITAT allowed the alternative claim for exemption u/s 11/12, remanding the matter to AO for proper computation. Appeal allowed for statistical purposes. en-us Thu, 30 Jun 2022 00:00:00 +0530 Tue, 13 Feb 2024 19:49:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312370 ITAT Indore denied exemption u/s 10(23C) to a university established under MP Vishwavidhalaya Adhiniyam, 1973. The AO found that government grants of Rs. 3.90 crores constituted only 3.50% of total receipts of Rs. 109 crores, failing the "substantially financed by government" requirement. The tribunal rejected the assessee's argument that examination fees from government-aided colleges should be considered government receipts, noting lack of evidence. However, ITAT allowed the alternative claim for exemption u/s 11/12, remanding the matter to AO for proper computation. Appeal allowed for statistical purposes. Case-Laws Income Tax Thu, 30 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312370