2009 (8) TMI 1158

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....sion of the Tribunal in ITA Nos.809, 915 & 916(B)/2007 for the assessment years 2004-05, 200-01 & 1999-2000 in assessee's own case, wherein a similar issue was decided in favour of assessee. 3. Section 10(23C)(iiiab) reads as under: " Any university or other educational institution existing solely for the educational purposes and not for the purpose of profit and which is wholly and substantially financed by the Government". 4. The section 10(23C)(iiiab) provides that where the aggregate receipts of the University or other educational institution are more than ₹ 1.00 Crore and such educational institution is wholly and substantially financed by the Government, it would be exempt under this section. 5. The word "Whole or substanti....

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....y Supreme Court in the case of Santosh Hazari Vs Purushotham Tiwari reported in 25 ITR 84 had an occasion to consider the meaning of the word 'substantial' as mentioned in Sec.260A of the IT Act. The worthy Supreme Court held that the word 'substantial' as qualifying question of law means having substance, essential, real, of sound worthy, important or considerable. The Hon'ble Supreme Court held that the question of law will be a substantial question of law where there is a room for difference of opinion. Hence, if the chances of interpretation of a specific section are 50% on either side then the question of law involving such interpretation will be a substantial question of law. The word 'substantial' in the book of Law Lexicon by Venka....