2023 (4) TMI 1343 - SCH - Income Tax

Denial of Exemption u/s 10(22) denied - objects of the Trust include commercial activity - appellant s Trust was registered with the primary object to impart education - As decided by HC 2022 (12) TMI 401 - KARNATAKA HIGH COURT stand taken by the assessee that contributions were received only from the students has been rightly rejected by the Assessing Officer - cash balance of Rs.1.30 Crores at the peak with petty cash being drawn on daily basis fortifies the view taken by the Assessing Officer that money was being utilized for some other purpose no exception can be taken to the view taken by the AO and the ITAT as against assessee. HELD THAT - We are not inclined to interfere with the impugned judgment and order of the High Court. Special leave petitions are dismissed.