Payment for consultancy service provided by university is exempt u/s. 10(23C)

Institute of Chemical Technology Vs National Faceless Assessment Centre(NFAC) (ITAT Mumbai) ITAT Mumbai held that exemption under Section 10(23C) of the Income Tax Act is available to the payments received for consultancy services provided by university. Facts- When the assessee was part of Mumbai University, the income earned by it formed part of income of the Mumbai University and was exempt under Section 10(23C) of the Act. For the A.Y.2013-14, the assessee filed its return of income u/s. 139 of the Act declaring ‘nil’ income after claiming exemption u/s. 11 of the Act. It was submitted...