VTU VC Karisiddapa announced in Belagavi on Friday that the Income Tax tribunal has directed the IT Commissioner, Bengaluru, to provide IT exemption to the university with retrospect effect from April 1, 1998.
He was speaking at the 20th foundation day celebration. This would enable the university to reclaim the Rs. 450 crore that was seized by the IT department as the varsity did not have IT exemption a few years ago.
Governor’s advice
Governor Vajubhai Vala, who was present, asked the varsity to utilise the money for students’ welfare. It should not keep the money as a fixed deposit. In fact, no university should do so. Such money should be used to help students, he said.
Higher Education Minister G.T. Deve Gowda and former Director of DRDO V.K. Atre were present.
