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2014 (4) TMI 962 - AT - Income TaxAssessee to be covered u/s 2(15) of the Act or not – Charitable purpose – Education purpose - Whether the CIT(A) has erred in ignoring that the assessee’s predominant objectives are to conduct examinations for the candidates for the Chartered Accountants and to regulate it members and it does not provide any scholastic education – Held that:- Following Institute of Chartered Accountants of India Versus DIT (Exemption) [2010 (10) TMI 502 - ITAT, DELHI] - The Institute as such merely it is receiving coaching fee from students for imparting education, cannot be said to have been carrying on business and accordingly it is not required to maintain separate books of accounts. The income of the coaching classes earned by the assessee institute is within its objects and its Regulations and further these activities are educational activity within the definition of section 2(15) of the Act – thus, there cannot be activity of business for which separate books of accounts are required to be maintained - The institute is an educational institute and its income will also be exempt u/s 11 as education falls within the meaning of charitable purpose u/s 2(15) of the Act - Revenue could not substantially controvert the proposition and has fairly agreed that the issue stands covered by the Tribunal order in favour of the assessee and against the revenue – thus, there is no reason to interfere in the order of the CIT(A) – Decided against Revenue.
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