Government Educational Institute Granted Tax Exemption by ITAT for Central Government Funding u/s 10(23C)(iiiab.

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....The assessee, a government educational institute, received a grant of Rs. 2.50 crore from the Central Government's Ministry of Labour and Employment under the "Upgradation of 1396 Government ITIs through Public Private Partnership" scheme between 2008-09 and 2011-12. The grant was invested in fixed deposits with scheduled banks. Out of the total gross receipts of Rs. 26,13,473/- during the year, Rs. 19,32,473/- was received as interest from the fixed deposits made from the government grant and savings bank account, accounting for more than 50% of the grant receipts. The ITAT held that the assessee institute is substantially funded by the Central Government and is entitled to exemption u/s 10(23C)(iiiab) of the Income Tax Act. The decision was in favor of the assessee.....