Retention of revenues by assessee society as grant in aid by Govt is exempt under section 10(23C)(iiiab)

Baba Hira Singh Bhattal Institute of Engineering &Technology Lehragaga Vs DCIT (Exemptions) (ITAT Chandigarh)

During the course of assessment proceedings, the AO observed that as per the assessee’s society audit report right from A.Y. 2008-09 to 2013-14, it has not received any money from the Government except for A.Y. 2006-07 where Rs. 50 lacs has been received and in A.Y 2007-08 where Rs. 1 Crore has been received. It was accordingly observed by the AO that the assessee society is not being wholly or substantiall

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