2006 (4) TMI 520

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..... society has in addition established a teachers training institution also. For the assessment year 1998-99, the society disclosed a surplus of ₹ 1,66,41,658, and claimed exemption from income-tax under section 10(22) of the Income-tax Act, 1961, on the ground that the society was established for promotion and imparting of education. The Assessing Officer was, however, of the view that the af .....

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..... eld that the assessee-society had no profit motive in running the educational institutions. The Commissioner also came to the conclusion that the objects of the society were purely educational in nature and that merely because certain surplus funds were available with the society did not make the institution a profit making body to justify denial of the benefit of the exemption under section 10(22 .....

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..... ciation of the available material that the objects of the assessee-society are purely educational and that the society has been granted exemption of that basis for the previous assessment years. Merely because certain surplus has been declared by the assessee would not, therefore, justify denial of the exemption claimed by the society under section 10(22) of the Income-tax Act. The decisions of th .....

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