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2012 (5) TMI 334 - AT - Income TaxReopening - Exemption u/s 10(23C)(iiiab) - assessee is a University and it did not file its Returns for Assessment Years 2004-05 to 2007-08 voluntarily but filed in response to notice u/s. 148 of the Act on 08.10.2009 after claiming income as exempt u/s. 10(23C)(vi) of the Act as accruing to the assessee from principal activity of education - according to AO the assessee does not satisfy the conditions either of section 10(23C)(vi) or 10(23C)(iiiab) of the Act. and he disallowed the exemption claimed by assessee in all these years on the same premise - assessee is a University, governed by Governing Council consisting of 10 Members including the Chancellor, who is the Governor of the State of Sikkim - The Government also contributed Rs.30 cr. in Assessment Year 1999-2000 and Rs.23.37 cr. by way of annual grant during the Fin. Years 1997-98 to 2009-10 Held that:- it is clear that the University does exist solely for education but not for making profit as well as the assessee is substantially financed by the Government. In our view, since all the conditions prescribed u/s. 10(23C)(iiiab) of the Act have been satisfied, the income of the assessee for all assessment years is exempt.
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