The assessee, a government educational institute, received a grant of Rs. 2.50 crore from the Central...

A government educational institute received a grant of Rs. 2.50 crore from the Central Government's Ministry of Labour and Employment under a public-private partnership scheme. The grant was invested in fixed deposits, generating significant interest income. The Income Tax Appellate Tribunal (ITAT) ruled that the institute, being substantially funded by the Central Government, qualifies for tax exemption under section 10(23C)(iiiab) of the Income Tax Act. The decision favored the institute, recognizing its entitlement to the exemption. .....

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