TaxTMI 
TaxTMI 
2011 (2) TMI 1235
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.... JUDGEMENT There is a delay of 6 days in preferring this appeal. The application in not opposed. Accepting the cause shown in the affidavit filed in support of the application for condonation of delay, delay of 6 days in filing the appeal is condoned. Misc.Civil No.3666/2009 is allowed. 2. This appeal is by the revenue challenging the order passed by the Karnataka Appellate Tribuna....
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....missioner, relying on the judgment of this court was of the view, in order to get exemption, Government Aid should be more than 70%. As admittedly, in this case it is not more than 34%, he upheld the order of the assessing authority. Aggrieved by the same, assessee preferred an appeal to the Karnataka Appellate Tribunal. 4. The tribunal, on careful examination of the entire material on rec....
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....ipts on behalf of the 18 units is Rs.8,42,08,788.54, but a sum of Rs.4,20,43,011.26 which is the income from 12 institutions which are not getting any grant. The receipts in respect of non grant institutions are Rs.4,21,65,777.28. The Government Grant received in respect of 6 institutions is Rs.2,89,11,783/-. If the percentage of Government Grant in respect of only 6 institutions is taken into con....
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....is court has interpreted, the word 'substantial interest' defined under the Income Tax Act. It has also been the subject matter of interpretation by various courts in various contexts. In deciding what constitutes 'substantial' portion of the finance, have taken note of the statutory provisions contained in the Banking Regulation Act, 1949, where, a person who has the beneficial interest of more t....