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2016 (7) TMI 27 - AT - Income TaxEntitlement to exemption u/s 10(23C)(iiiab) - need of approval u/s 35(1)(ii) - whether an approval is required under section 35(1)(ii) of the Act for the assessee to claim exemption under section 10(23C) of the Act or not? - Held that:- The assessee is not a university or college or any other institution incurring expenditure for any scientific research to claim exemption under section 10(23C)(iiiab) of the Act. It is only an educational institution established for the purpose of managing science museums and drawing funds from Government of India and Government of West Bengal for maintenance and achieve its objects as provided in the memorandum at page 121 of paper book. Therefore, in our opinion, an approval is not necessary under section 35(1)(ii) of the Act to claim exemption under section 10(23C)(iiiab) of the Act. The CIT(A) has rightly dealt with the issue involving approval under section 35(1)(ii) and finding thereon, stating in other words, pending approval, the assessee is entitled to claim exemption under section 10(23C) (iiiab) of the Act. Accordingly, we hold that in order to claim exemption under section 10(23C)(iiiab) of the Act, the approval under section 35(1)(ii) of the Act is not necessary in the present case. By applying the observation of Hon’ble HIGH COURT in DIRECTOR OF INCOME TAX vs. INDIAN NATIONAL SCIENCE ACADEMY [2010 (1) TMI 40 - DELHI HIGH COURT ] to the facts of the case on hand, we hold that the assessee is not liable to pay any tax. - Decided in favour of assessee
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