Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (5) TMI 328 - HC - Income TaxAllowability of exemption u/s 10(23C)(iiiad) of the Act – Trust not solely for charitable purpose – Held that:- The Tribunal was of the view that there may be certain dormant objects which have never been pursued in reality by the assessee and the mere existence in a Memorandum constituting the assessee would not be sufficient to decline an exemption - it has never been the contention of the revenue either before the CIT(A) or before the Tribunal that the assessee had carried on any activity other than education - The AO relied on the prospectus of the assessee which made a reference to the business carried on by a Private Limited Company in the same "group" as the assessee - The observations which are extracted in the order of the AO are from the order passed by the CIT-II, Agra on 23 August 2011 rejecting the request of the assessee for registration u/s 12AA - the assessee is a trust and not a Private Limited Company - The trust does not carry on any other business save and except conducting education - the entitlement of the assessee to the exemption u/s 10(23C) was dealt with by the CIT(A) – there was no reason or justification to hold that the CIT(A) ought to have remitted the proceedings before the AO – no substantial question of law arises for consideration – Decided against Revenue.
|