Section 10(23C)(iiiab) exemption not available to society not substantially financed by government

Chhattisgarh Rajya Open School Madhyamik Siksha Mandal Vs DCIT (ITAT Raipur) ITAT Raipur held that assessee-society not being wholly and substantially financed by the government is not entitled for claiming exemption under Section 10(23C)(iiiab) of the Income Tax Act, 1961. Facts- The assessee society, which was established with the Direction of the Education Department of the Chhattisgarh Government had filed its return of income in the status of an AOP/BOI, declaring an income of Rs. Nil. The case of the assessee society was thereafter selected for scrutiny assessment u/s. 143(2) of the Act....