https://www.taxtmi.com/caselaws?id=764549 The ITAT PUNE held that the assessee government educational institute qualified for exemption under section 10(23C)(iiiab) despite not being UGC-recognized or receiving government grants during the assessment year. The tribunal found that the institute had previously received Rs. 2.50 crore from the Central Government (2008-12) under an ITI upgradation scheme, which was invested in fixed deposits. Since interest income from these government-funded deposits constituted over 50% of total receipts (Rs. 19.32 lakhs out of Rs. 26.13 lakhs), the institute was deemed substantially government-financed. The exemption was granted as the institute operated solely for educational purposes without profit motive. en-us Fri, 10 Jan 2025 00:00:00 +0530 Sat, 11 Jan 2025 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764549 The ITAT PUNE held that the assessee government educational institute qualified for exemption under section 10(23C)(iiiab) despite not being UGC-recognized or receiving government grants during the assessment year. The tribunal found that the institute had previously received Rs. 2.50 crore from the Central Government (2008-12) under an ITI upgradation scheme, which was invested in fixed deposits. Since interest income from these government-funded deposits constituted over 50% of total receipts (Rs. 19.32 lakhs out of Rs. 26.13 lakhs), the institute was deemed substantially government-financed. The exemption was granted as the institute operated solely for educational purposes without profit motive. Case-Laws Income Tax Fri, 10 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764549