Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (8) TMI 278 - AT - Income TaxClaim of exemption u/s 10(23)(iiiab) and (iiiad) – Educational institution whose income is less than Rupees one crore - Whether the each educational institution has to be taken as independent units or the trust has to be taken as a unit for assessment - Held that:- Following the decision in Jat Education Society Versus Dy. CIT [2011 (3) TMI 569 - ITAT DELHI] - for the purpose of section 10(23)(iiab) and (iiiad), the annual gross receipt of each educational institution run by the assessee has to be taken separately and it cannot be clubbed together in the hands of the trust for examining the fulfillment of condition of receipt of less than the prescribed limit of the annual gross receipt - if the annual gross receipt of the educational institution is considered separately, the same is below ₹ 1 crore in each year, therefore, it is entitled for exemption u/s 10(23)(iiiad) of the Act - The matter is remitted back to the AO for fresh adjudication - the details of the aids said to have been received from the government and the annual receipts are not available - It is made clear that any opinion in respect of exemption u/s 10(23C) is not expressed, and the AO shall consider it independently and decide – Decided in favour of Assessee.
|