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2014 (6) TMI 377 - HC - Income TaxGrant of exemption u/s 10(23-C) (iiiad) of the Act – Held that:- CIT(A) as well as Tribunal rightly was of the view that the assessee had specifically raised the issue of Section 10(23C) (iiiad) and had placed on record the relevant and material facts including the objects of the trust, the allotment of land, the structure of a school building and the commencement of a school - assessee trust has taken various steps, including the construction of building and getting the necessary permission and sanction for running the school; so as to bring the school into "existence" during the year, although the school have separate running classes from next year onwards - total receipts of the assessee would remain below Rs. 1 Crore even if the donations of Rs. 49,99,000/- are added as receipt in the nature of income of the assessee society - the assessee trust is entitled for exemption u/s 10(23C)(iiiad) – thus, as such no substantial question of law arises for consideration – Decided against Revenue.
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