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2016 (6) TMI 1389 - AT - Income TaxExemption u/s. 11 denied - assessee is involved in commercial activities as the assessee receives coaching fees from the students of CA while giving coaching to the CA students - HELD THAT:- As decided in own case [2014 (4) TMI 962 - 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 as alleged by DIT(E). 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 Income Tax Act, 1961, and consequently therefore cannot be activity of business for which separate books of accounts are required to be maintained. The order of the ld.DIT(E) is therefore, not sustainable as the income of the Institute is exempt not only u/s 10(23C)(iv) but also under section 11. The institute is an educational institute and hence its income will also be exempt under section 11 as education falls within the meaning of charitable purpose under section 2(15) of the Act. - Decided in favour of assessee.
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