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2015 (10) TMI 1452 - ITAT DELHIEligible for exemption under section 10(23C)(iiiad) - CIT(A) allowed the claim - Held that:- Commissioner of Income-tax (Appeals) has considered the issue and the submissions made by the authorised representative and rightly observed that the Assessing Officer himself held that the donations received by the society are for the corpus fund for the construction of building of the society. Donations for the corpus fund are exempt under section 11 of the Act. In the present case, though the society was registered under section 12A of the Act, exemption under section 11 was not claimed in the return of income and as such it cannot be entertained. We find that the corpus donations received by the assessee-society are separated, the annual receipts of the educational institution are only ₹ 69,24,857. Keeping in view of the order of the Income-tax Appellate Tribunal in the case of Jat Education Society v. Deputy CIT [2011 (3) TMI 569 - ITAT DELHI ] exemption under section 10(23C)(iiiad) can be denied if the aggregate annual receipts of each educational institution is more than ₹ 1 crore. We are of the view that since the annual receipts of the educational institution of the assessee- society are below ₹ 1 crore, exemption under section 10(23C)(iiiad) of the Act the surplus is allowable and accordingly, the learned Commissioner of Income-tax (Appeals) has rightly deleted the addition in dispute. - Decided in favour of assessee.
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