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2021 (4) TMI 705 - AT - Income TaxGrant exemption u/s.10(23C)(vi) declined - appellant institution was not solely for educational purposes - as per assessee various activities carried on by the appellant were towards educational purposes of the banking staff and consequently the appellant had fulfilled all the conditions required u/s.10(23C)(vi) of the Act to avail the exemption as provided therein - HELD THAT:- Admittedly, the Tribunal in the earlier year for AY 2014-15 [2016 (10) TMI 593 - ITAT BANGALORE]only relied on clause (d) & (g) of the Memorandum of Association of the assessee college and overlooked clause (a) & (b) of the Memorandum of Association. However, at this stage, we are not in a position to take a decision in favour of the assessee, since the decision of the Tribunal is not disturbed by any higher forum. However, in the interests of justice, it is appropriate to remit the issue in dispute to the file of the CIT(Exemptions) for appropriate decision, after the final judgment of the Hon’ble High Court of Karnataka in the case of assessee for the AY 2014-15. With these observations, we remit the issue to the file of the CIT(Exemptions). Appeal by the assessee is allowed for statistical purposes.
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