https://www.taxtmi.com/caselaws?id=312513 ITAT Amritsar denied exemption u/s 10(23C)(iiiab) to an educational institute. The assessee claimed exemption under both Section 11(1)(a) and Section 10(23C)(iiiab) without proper registration u/s 12AA. The institute admitted it received no government funding for five years despite being a government autonomous body, failing to meet the "wholly or substantially financed by government" condition. ITAT held the assessee operated for profit, accumulating funds in FDRs worth Rs. 11.27 crores, and lacked required approvals. The tribunal rejected res-judicata arguments, emphasizing each assessment year is independent. Revenue's appeal was allowed, overturning the CIT(A)'s exemption grant. en-us Tue, 28 Jan 2014 00:00:00 +0530 Fri, 23 Feb 2024 05:57:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312513 ITAT Amritsar denied exemption u/s 10(23C)(iiiab) to an educational institute. The assessee claimed exemption under both Section 11(1)(a) and Section 10(23C)(iiiab) without proper registration u/s 12AA. The institute admitted it received no government funding for five years despite being a government autonomous body, failing to meet the "wholly or substantially financed by government" condition. ITAT held the assessee operated for profit, accumulating funds in FDRs worth Rs. 11.27 crores, and lacked required approvals. The tribunal rejected res-judicata arguments, emphasizing each assessment year is independent. Revenue's appeal was allowed, overturning the CIT(A)'s exemption grant. Case-Laws Income Tax Tue, 28 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312513