2011 (2) TMI 1235

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....thi, Adv., for the Respondent   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 orde....

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....of Income Tax (Appeals).   3. The Commissioner, 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 ca....

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....re receiving the Government Grant. The total receipts 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....

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....re, after considering Section 10(23C) (iii)(ab), this 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,....