2009 (2) TMI 426

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..... was delivered by M. M. Kumar J.- The instant petition is directed against the order dated October 8, 2008 (P-1) passed by the Chief Commissioner of Income-tax, Panchkula, declining the prayer of the petitioner for granting exemption under section 10(23C)(vi) of the Income-tax Act, 1961 (for brevity, "the Act") in respect of the assessment years 2008-09 to 2010-11. The Chief Commissioner has held .....

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..... r. 2. In our view, the Chief Commissioner has rightly concluded that the assessee-petitioner was required to apply 75 per cent. of its income for educational purposes of the assessee up to the assessment year 2001-02.  Thereafter, from the assessment year 2002-03, the application of income has to be 85 per cent. In other words, the assessee-petitioner could accumulate only 15 per cent. of th .....

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