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2014 (5) TMI 1113 - AT - Income TaxStatus of the assessee - treated as AJP as declared by the assessee or AOP as proposed by the AO - entitlement to exemption u/s. 10(23C)(iiiad) - whether the assessee was entitled to exemption u/s. 11? - Held that:- We find that the issues raised by the revenue in its ground of appeal have all been dealt with by the Hon’ble High Court of Karnataka in the assessee’s own case viz., Children Education Society, (2013 (7) TMI 519 - KARNATAKA HIGH COURT ). On the question of status of the assessee, the Hon’ble High Court has held that the same has to be adopted as AJP. On the question of exemption u/s. 10(23C)(iiiad) of the Act, the Hon’ble High Court has held that the assessee was entitled to the said exemption and that the receipts of each of the educational institutions have to be considered separately and not by aggregation. With regard to the receipts by way of building fund and infrastructure development fund, the Hon’ble High court remanded the same to the Assessing Officer for fresh consideration to look into the ledger books and other accounts showing the receipts on account of building fund and infrastructure fund and its utilization for the purpose of construction and on that basis, pass suitable orders.
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