Kar HC holds substantially financed in previous years eligible for exemption u/s 10(23C)(iiiab)

The Hon’ble Karnataka HC has held that for the purposes of sec. 10(23C)(iiiab), wherein exemption is available to Educational institutes substantially financed by government, the terms wholly or substantially financed by the Government contemplated in section 10(23C)(iiiab) of the Act would include finances and value of infrastructure given to the Institution during the previous AYs and not as per the finance provided during the current AY which was just 0.4% of its Total Income for the year.

To read complete text of judgement, click here 10(23C)(iiiab)-Kar HC

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