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JUDGMENT N. Kumar, J. - The Revenue has preferred these two appeals challenging the order passed by the Income Tax Appellate Tribunal (hereinafter referred to as 'Tribunal' for short), which has up-held the order of the Commissioner of Income Tax (Appeals)-V, Bangalore, holding that the assessee is entitled to the exemption u/s.10(23C)(iiiab) of the Income Tax Act, 1961. 2. The assessee - Indian Institute Management, Bangalore, was established in the year 1973. The Government of Karnataka offered 100 acres of land free of cost and a contribution to the corpus was Rs.30 lakhs. It was registered on 27.3.1972 under the Registrar of Societies in Mysore State. It was established by the Ministry of Human Resource Development, Government of India. The Board of Governors was appointed by the Ministry of HRD to control the affairs of the society. The entire property and assets have been created out of the funds given by the Government of India. Starting from 1972-73 till 2004-05, the Institute has received Rs.4785.14 lakhs for the plan and Rs.8077.61 lakhs for the Non-plan expenditure. Besides, the Government of Karnataka has donated Rs.400 lakhs towards the centre for Public Policy, Rs.100 lakhs was received in the year 2000-01, Rs.196 lakhs in the year 2004-05 and the balance of Rs.104 lakhs in 2005-06. Thus, the entire property and assets were created by the Government of India. In the year 2003-04, a sum of Rs.457 lakhs was received as a grant from the Government of India and the income generated was Rs.26,12,15,380/- out of the total extent of Rs.30,80,15,380/- which works out to Rs. 14.85%. Similarly for the year 2004-05, 6.84% of the income was financed by the Central Government. The assessee is enjoying exemption u/s.10(23C)(iiiab) of the Act. When it was denied, the matter reached this Court in the case of CIT v. Indian Institute of Management [2011] 196 Taxman 276/[2010] 8 taxmann.com 239, wherein the order of the appellate authorities was upheld by this court granting exemption for the year 1999-2000. In spite of it, for the aforesaid assessment years, as the grant of the Central Government was around 14.84% and 6.84%, the assessing officer was of the view,…

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