‘Profit-making’ Mumbai University told to pay Rs 39cr income tax - The Times of India

‘Profit-making’ Mumbai University told to pay Rs 39cr income tax - The Times of India: During the assessment proceedings, the university submitted that its income was exempt from tax because it was "substantially" financed by the government and this was the reason for its not filing income tax returns. The university cited in its defence the Income Tax Act that excuses "any university or other educational institution existing solely for educational purposes and not for the purpose of profit, which is wholly and substantially financed by the government."

But the assertion was dismissed.