Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (11) TMI 1026 - AT - Income TaxDisallowance of exemption claimed u/s. 10(23c)(iiiad) - CIT(A) deleted the disallowance - Held that:- The provision b to sec 10 (23C) is not applicable to claim exemption under section 10(23c)(iiiad). Similarly, Assessing Officer was not justified by invoking provisions of maintaining separate set of books of accounts for activities concern with object of society, activities incidental to the object of the society are not applicable to claim exemption u/s. 10(23c)(iiiad). In this background, CIT(A) was justified in deleting disallowance of exemption claimed u/s. 10(23c)(iiiad) made by Assessing Officer. Same is uphold. - Decided against revenue. Assessee samiti is imparting education and exist solely and exclusively for education purposes and not for purpose of profit and not doing any other business as there is no other source of income from any other business and the aggregate receipts does not exceed the prescribed limit i.e. one crore. So, the disallowance of claim of exemption u/s. 10(23c)(iiiad) is not justified as there is no justification to assess income of assessee as business income and to disallow the expenditure treating the entity as business organization. Assessee samiti have been allowed to registration u/s. 12A of Act, with effect from 1.4.2000, by ITAT vide its order dated 13.05.2011 inter alia held that assessee satisfies list of genuineness of activities of institution as per objects of institution. In view of above, CIT(A) justified in granting relief to assessee in all these 3 years on all above issues as claimed u/s. 10(23c)(iiiad) of Act.
|