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2011 (10) TMI 287 - HC - Income TaxRegistration under 10(23C) - Application seeking grant of registration filed on 27.9.2009 in Form 56-D - petitioner society was running two schools at Hansi and details of strength of students and ownership of lands were given - surplus funds were generated after meeting expenditure - Revenue rejected application on the ground Schools to exist solely for the purposes of education and not for the purposes of profit - Held That:- Revenue failed to show that accumulation exceeding more than 15% has exceeded the period of five years - If no profit arises from the activity, it is not possible to carry on educational activity in such a way that the expenditure exactly balances the income and there is no resultant profit. Orders declining registration are quashed and case remanded to decide on principles.
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