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2010 (3) TMI 701 - MADRAS HIGH COURTExemption – Educational Institution – Approval for purposes of exemption - Government issued circulars including Circular No. 580, within the meaning of section 2(24) of the Act by exemption under section 10(23C) – Condition for Exemption – Institution for Educational purposes and not for profit – Search operation in office of assessee, showing discrepancy in Accounts, Receipt of deposits and payment of interest – presumption raised under section 132 not rebutted by assessee – Withdrawal of approval for assessment year 2009-10 and show cause notices for assessment year 2007-08 and 2008-09 – Justified
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