Minister for Higher Education Basavaraj Rayaraddi called on Union Minister for Finance Arun Jaitley in New Delhi on Tuesday and submitted a memorandum to extend income tax exemption facility to Visvesvaraya Technological University (VTU) in Belagavi.
The Supreme Court of India recently held that VTU, which exercises control over all government and private engineering colleges in the State, is not entitled to exemption from Income Tax under Section 10(23C)(iiiab) of the Income Tax Act, according to a press release.
The assessing officer had rejected the claim of exemption by the university and the challenge against the demand notice was also dismissed by the High Court of Karnataka. The university then approached the Supreme Court.
Mr. Rayaraddi convinced Mr. Jaitley of the need for extending income tax exemption to the university considering its service motto.
Union Minister for Chemicals and Fertilizers Ananth Kumar, MPs Prabhakar Kore, Pralhad Joshi and B.S. Yeddyurappa, VTU Vice-Chancellor Karisiddappa, Additional Chief Secretary Bharatlal Meena and Resident Commissioner of Karnataka Bhavan Atul Kumar Tiwari were present, the release said.
