N. Kumar, J.— This appeal is by the revenue challenging the order passed by the Tribunal holding that the Assessee is entitled to exemption under Section 10(23C)(iiiab) of the Income-tax Act and accordingly, dismissing the appeal filed by the revenue.

2. The Assessee is an educational institution. It claimed exemption under Section 10(23C)(iiiab) of the Income-tax Act (for short, hereinafter referred to as, 'the Act'). The Assessee filed return of income for the assessment year 1999-2000, declaring 'nil' income and subsequently, filed revised return of income. Noticing the Assessee was entitled for exemption under Section 10(23C)(iv) or under Section 10(23C)(iiiab) of the Act, the assessment came to be reopened. The Assessing Officer found only 37.85 per cent of the total income was financed by the Government and the Assessee is not notified by the prescribed authority nor it is registered under Section 12A of the Act. It was also found that the Assessee is not approved under Section 10(23C)(iv) of the Act. Lastly, it was held that the income was not exempted under Section 11 of the Act. Therefore, the Assessing Officer held that the Assessee is not entitled to claim exempti