Govt. Funded ITI Entitled to Section 10(23C)(iiiab) Tax Exemption: ITAT Pune

Institute Management Committee of Government ITI Peth Vs ITO (ITAT Pune) Income Tax Appellate Tribunal (ITAT) Pune allowed an appeal filed by the Institute Management Committee (IMC) of Government ITI Peth, Nashik, granting them exemption under Section 10(23C)(iiiab) of the Income-tax Act, 1961, for Assessment Year 2022-23. The core issue was whether the institute, primarily funded through interest earned on government grants, qualified for the exemption available to educational institutions substantially financed by the government. The Central Processing Centre (CPC) and the Additional/Joint ...