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 substantially financed by the Government, being one of the essential conditions fo...