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2011 (12) TMI 364 - AT - Income TaxReopening - Exemption u/s 11 - Validity of reassessment made by Assessing Officer - the assessee is a registered society with sole object of imparting education without any profit motive - Since the assessee was denied approval u/s 10(23)(iiiad), the assessee completed assessments for assessment years 2006-07 and 2007-08 were reopened - The assessee attended in the re assessment proceeding and produced all the books of account which are verified by the Assessing Officer - It was alleged that the assessee was using the trust fund for the benefit of a person who was a specified person within meaning of section 13(1)(c) r.w.s. 13(3) of the Act, being a Government Body Member - It is further contended that Assessing Officer has not been disputed that the sole object and activity of the assessee are educational in nature and the assessee is an educational institution solely existing and operating for educational purposes and not for the purposes of profit - Held that: AO has not placed any material on record as to how the rate of 12% is unreasonable but for making a bald statement Regarding depreciation - It has not been disputed that the furniture and fixed assets, namely, computer, furniture and fixture, building, library, books, vehicles etc. were utilized for the equities of the assessee - It has not been disputed by the Ld.DR that the assessee is solely engaged in the education activity and except running a CBSC recognized secondary school, no other activities were carried out - The assessee being eligible u/s 10(23C), the entire income become exempt as the assessee's receipts are in this year i.e. assessment year 2006-07 is below Re.1 crore - Decided in favor of the assessee
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