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2023 (2) TMI 764 - AT - Income TaxExemption u/s 10(23C)(iiiad) - assessment of trust - as per revenue assessee has not fulfilled the requirements of Section 10(23C)(iiiad) - as submitted assessee is existing solely for educational purposes and not for purpose of profit and its annual receipts during the year is less than Rs. 1 crore - HELD THAT:- As the assessee has surplus approximately 53.65% of receipts for the purpose of future application which was accumulated in order to set up schools and educational institutions after applying 38% of the gross receipt in running and maintenance of the educational institution. Provisions of Section 10(23C)(iiiad) are applicable and consequently the income of the institution is exempt as the assessee trust has satisfied all the conditions as prescribed under the provisions of Section 10(23C)(iiiad) of the Act. Besides there is no allegation by the CIT(E) that the assessee is involved in any other activity for profit and not for educational purposes. Accordingly we set aside the order of Ld. CIT(E) and allow the appeal of the assessee.
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