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2013 (11) TMI 423 - AT - Income TaxDeduction u/s 10(23C) – activities of the Board for educational purposes - profit motive - huge profits and surplus income - gross receipts of the assessee for the assessment year under appeal was more than Rs. 1 crores – Held that:- Assessee had never been financed by the Government during the assessment year in appeal and other years. It was also found that assessee has been generating its own income from sale of books and on account of registration fees - Aid from the State Government to the assessee is nil and it was wrongly mentioned by the Assessing Officer in the assessment order that the assessee Board is financed and controlled by the state government - In the assessment year under appeal, the assessee Board has transferred and amount of Rs. 5 crores to the Himachal Pradesh Government from its own income. It was also noted from the record that assessee Board is not directly controlled by the State Govt. but is governed under the Separate Himachal Pradesh Board of School Education Act, 1968 - Assessee does not exist solely for educational purposes. It is in fact earning huge profits and has surplus income and profits - Assessee did not have fulfill the terms and conditions of section 10(23C)(iiiab) of the I.T. Act - No evidence or material has been filed on record to contradict the above finding of fact – Decided against the Assessee.
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