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2016 (3) TMI 545 - AT - Income TaxEntitlement to claim exemption u/s. 11 - examination for the course of certified information system auditor and also collected as seminar fees from the participants - Held that:- The course conducted by the assessee may be a source of acquisition of some knowledge by the respective students/persons. But such a course or acquisition of knowledge by the students at the class conducted by the assessee for conducting review and courses for helping aspiring members/members in preparing for CISA and CISM certification conducted by the parent body, ISACA, USA and also conducting monthly professional education meetings wherein professionals address the participants for sharing knowledge and experience on methodologies, emerging concepts, skills updation etc., cannot be considered to be “education” within the meaning of section 2(15) of the Act. We are of the opinion that the assessee cannot be considered to be an “educational trust” within the meaning of section 2(15) of the Act. Therefore, it is not entitled for exemption u/s.11 of the Act and this income of the assessee is to be assessed as business income under the head ‘AOP’ and it is to be assessed after giving all deduction available o the assessee under the head ‘'Business income”. However, we make it clear that if the cost of fixed assets has been claimed as application of income while claiming exemption u/s.11 of the Act under Chapter-III of the Act in earlier assessment years, the assessee cannot claim depreciation on the same asset u/s.32 of the Act as the cost of fixed asset was already allowed as application of income and its cost has already become ‘Nil’. - Decided against assessee
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