Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (10) TMI 568 - AT - Income TaxExemption u/s 10(23C) or u/s 11 - Donations - Engineering college, whose receipts have exceeded the prescribed limit of Rs. 1.00 crore, has not obtained the necessary approval u/s 10(23C) and collected any money by whatever name it is called i.e., donation, building fund, auditorium fund etc. etc., over and above the prescribed fee for admission of students, Income of Society has to be taxed - held that:- matter remitted to AO with a direction to assessing officer that he shall reconsider the entire issue in the light of judgment of Supreme Court in the case of M/s Islamic Academy of Education & Another Vs. State of Karnataka and Another [2003 (8) TMI 469 - SUPREME COURT ] and in the cased of T.M.A. Pai Foundation and Others Vs. State of Karnataka and Others [1993 (10) TMI 308 - SUPREME COURT]. The assessee is not entitled for exemption u/s 11 in case it collected any money by whatever name it is called i.e., donation, building fund, auditorium fund etc. etc., over and above the prescribed fee for admission of students.
|