ITAT Denies Section 10(23C)(iiiab) Exemption as Government Grants Were Below 50% Threshold

Hidayatullah National Law University Vs ACIT (ITAT Raipur) The Income Tax Appellate Tribunal (ITAT), Raipur, dismissed the appeals filed by Hidayatullah National Law University for Assessment Years 2016-17 and 2017-18 and upheld the orders of the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre (NFAC) denying exemption under Section 10(23C)(iiiab) of the Income Tax Act, 1961. The dispute centered on whether the university satisfied the condition of being “wholly or substantially financed by the Government” for the relevant previous years. The assessee is a university es...