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2009 (2) TMI 426 - HC - Income TaxExemption- Educational Institution- The Chief Commissioner held that assessee was generating huge surplus year after year and that accumulation of capital expenditure for the assets of the school out of the income was not adequate to claim exemption. Held that- the Chief Commissioner had rightly holding that the assessee was required to apply 75 percent of its income for the educational purposes of the assessee upto the assessment year 2001-02. thereafter, from the assessment year 2002-03, the application of income had to be 85 percent. The assessee could accumulated only 15 percent of the income and if there was any excess accumulation then it had to be applied for the objects of the society within a period of five years. Accordingly the exemption in respect of the assessment year 2008-09 to 2010-11 was to be refused.
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