2025 (6) TMI 1314

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.... the Respondent : Shri Manav Bansal (CIT) - Ld. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2012- 13 arises out of an order of learned Commissioner of Income Tax (Appeals), National Faceless Appeals Centre, Delhi [CIT(A)] dated 29- 03-2023 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 143(3) r.w.s. 1....

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....69. The assessee is residential and an affiliated university. The return of income as filed by the assessee was initially processed u/s 143(1) but the case was reopened to examine various issues. During the assessment proceedings the assessee, inter-alia, stated it was entitled for exemption u/s 10(23C)(iiiab) and in support, it tabulated a chart of receipts of grants which is extracted at para-11....

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....essed to tax and the assessment was framed. 4. The Ld. CIT(A), by considering various judicial decisions, held that extent of grant of 31.76% was very low and it could not be said that the assessee was wholly or substantially financed by the Government in terms of statutory provisions. Accordingly, the assessment was confirmed against which the assessee is in further appeal before us. Our fi....

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....Therefore, quite clearly, the amendment prescribing higher ceiling of 50% would not apply for this year. 6. The interpretation of expression 'substantially finance', prior to amendment w.e.f. AY 2015-16, has been dealt in various judicial decisions. The Hon'ble Karnataka High Court in the case of Indian Institute of Management (196 Taxman 276) held that financing to the extent of 37.85% would c....