Exemption u/s 10(23C)(iiiac) available when government grant exceeds 50% of total receipts

CIT (Exemptions) Vs Institute of Liver and Biliary Sciences (Delhi High Court) Delhi High Court held that exemption under section 10(23C)(iiiac) of the Income Tax Act is available when government grant exceeds 50% of total receipts (and not total income) including voluntary contribution. Facts- During the period under consideration, the respondent/assessee had received a grant from GNCTD amounting to Rs.66 crores, whereas the total receipts earned were Rs.1,57,93,89,043/-, which in percentage terms was 41.78% of the total receipts. According to AO, the grant was only 41.78% of the total receip...