2009 (2) TMI 426

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..... 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 an .....

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..... see-petitioner is generating huge surpluses year after year and that accumulation of capital expenditure for the assets of the school out of the income is not adequate to claim exemption as per the judgment of hon'ble the Supreme Court in the case of Municipal Corporation of Delhi v. Children Book Trust [1992] 3 SCC 390. The Chief Commissioner has also referred to the accounts of the assessee for .....

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..... re is any excess accumulation then it has to be applied for the objects of the society within a period of five years. Accordingly, the exemption in respect of the assessment years 2008-09 to 2010-11 was refused. 3. After hearing learned counsel at a considerable length, we are of the view that there is no legal infirmity in the order of the Chief Commissioner warranting admission of the petition .....

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