[aaykarbhavan] Sec. 10(23C): Apart from annual grants, other grants are also relevant to check whole/substantial funding by Govt.

Sec. 10(23C): Apart from annual grants, other grants are also relevant to check whole/substantial funding by Govt.

September 26, 2014[2014] 49 taxmann.com 136 (Karnataka)

IT: Word 'wholly or substantially financed by Government' cannot be confined only to annual grants as apart from providing annual grant, if Government grants land, invests money in building and infrastructure and also running educational institution all that has to be taken into consideration to decide whether institution is wholly or substantially financed by Government in order to become eligible to claim exemption under section 10(23C)(iiiab)

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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