Assessee was a charitable educational institution.  Assessing Officer denied the exemption. CIT(A) allowed the claim of the assessee. On appeal by the revenue dismissing the appeal the Tribunal held that,  from perusal of objectives of assessee, composition of society and rules of utilisation of funds it was undisputed that assessee was solely working for educational purpose and not for purpose of earning profits. There was complete control of State Government over funds received and spend during year by assessee. Further, almost 50 per cent of grants were given to assessee by State Government. It was substantially financed by Government, assessee was eligible for exemption under section 10(23C)(iiiab). Tribunal also held that Explanation to clause 10(23C)(iiiab) w.e.f. 1-4-2015 setting out minimum threshold of 50 per cent for institution to be financed by Government for claiming benefit of exemption under section 10(23C)(iiiab) is prospective in nature. Assessee entitle to exemption. (AY. 2014-15)