Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (1) TMI 518 - AT - Income TaxExemption u/s.11 - Disallowance in respect of consultancy fee received by the assessee - Scope of guidelines of UGC and AICTE notification - HELD THAT:- AR drew our attention to the objects of the University Grants Commission Scheme imposing guidelines of Incentives for Resource Mobilisation wherein under the caption ‘objectives of the scheme’, we find that UGC had specifically provided in encouraging University to provide consultancy on payment basis not only to the industries but to the Government and other bodies and society at large on vital issue of national importance. This categorically goes to prove that the assessee institution is mandated / advised to provide consultancy on payment basis. We find from the notification issued by All India Council for Technical Education (AICTE) dated 05/03/2010, it also provides for consultancy training for which AICTE shall work out suitable model for the purpose of revenue sharing between Institutions and consultant teachers providing in the Indian Institution of Technology, Indian Institute of Management and other Institutions may be taken into consideration. The copy of said notification is enclosed in pages 88-118 of the paper book. In view of the aforesaid observations and respectfully following the judicial precedents relied upon hereinabove in assessee’s own case [2020 (1) TMI 689 - ITAT MUMBAI] we deem it fit to restore this appeal to the file of the ld. AO to decide the issue. In the light of the aforesaid guidelines of UGC and AICTE notification and in accordance with law. The assessee is also at liberty to furnish further evidences, if any, in support of its contentions. Needless to mention that the assessee be given reasonable opportunity of being heard. Accordingly, the grounds raised by the assessee are allowed for statistical purposes.
|