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2013 (1) TMI 496 - AT - Income TaxExemption u/s 10(23)(iiiad) – Whether interest on FDR can be consider as a part of aggregate annual receipt for claiming exemption u/s 10(23C)(iiiad) - Receipts of the assessee during A.Y. 2006-07 including interest on FDRs exceeded Rs. One crore – Society besides income from running of a school is having other sources of income also - Held that:- From the plain reading of section 10(23C) (iiiad), it emerges that legislature had in its mind annual receipts of school or university as the case may be for consideration of exemption limit and not that of total income of society running that school or university. The income from interest on FDRs is an additional income of society and it cannot be considered to be part of annual receipts of the school for claiming exemption u/s 10(23C)(iiiad) in respect of school. - assessee was eligible for exemption u/s 10(23)(iiiad) as annual school receipts did not exceed Rs. One crore. - In favour of assessee
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