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2017 (5) TMI 966 - AT - Income TaxDeduction u/s 10(23C) (iiiad) disallowed - assessee has not been granted registration u/s 12AA nor registered u/s 10(23C)(vi) - Held that:- Corpus fund which is meant for specific purpose to meet out capital expenditure could not be part of annual receipts of educational institution, even if no registration u/s 12AA have been granted. If the corpus fund is excluded, the balance aggregate annual receipt of the assessee’s educational institution would be less than ₹ 1 crore. Therefore assessee would be entitled for exemption u/s 10(23C)(iiid). In this view of the matter I set aside the orders of authorities below and direct the Assessing Officer to grant exemption to assessee u/s 10(23C)(iiid) of I.T. Act. - Decided in favour of assessee
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