TMI Blog2011 (7) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act - It is also an option to seek the benefit of Section 10(23C)(iiiad) of the Act if the aforesaid conditions stipulated therein are fulfilled - Decided in favour of assessee. Assessee Trust is solely for the purposes of education or not - Hence, went through the documents including the MoU which was filed by the assessee before the authorities below and convinced that the activity actually carried out by the assessee was solely for the purpose of educational purpose and not for other purposes - Decided in favour of assessee. - ITA No.454 of 2010 ITA No.513 of 2010 - - - Dated:- 11-7-2011 - MR. JUSTICE A.K. SIKRI, MR. JUSTICE M.L. MEHTA, JJ. For.Appellant : Ms. Prem Lata Bansal, Sr. Advocate with Mr. Deepak Anand, Advocat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd therefore, the AO denied the same to the assessee. He disallowed all the expenditure amounting to Rs.16,95,372/- claimed by the assessee and framed the assessment at Rs.72,830/-. 3. Against this order of the AO, the assessee preferred an appeal before the CIT(A). Before the CIT(A), it was pleaded by the assessee that along with the income tax return, it had filed audited accounts which carried evidentiary value, but the supporting evidence in respect of expenditure incurred could not be filed before the AO due to gross negligence on the part of Accountant. The assessee impliedly expected the fact that since it was not registered under Section 12A of the Societies Registration Act, it could not claim benefit of Section 11 thereof. How ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to exemption under Section 10(23C)(iiiad) of the Act. 4. The course of events has travelled the same path insofar as Assessment Year 2003-04 is concerned. 5. The Revenue, thus, filed appeals against the orders of the CIT (A) in respect of both the assessment years which have been dismissed by the Tribunal holding that the assessee fulfils the eligibility conditions contained in Section 10(23C)(iiiad) of the Act and is, thus, entitled to exemption under the said provision. 6. We may also mention that the assessee had also filed appeals against that part of the order of the CIT(A) where expenditure to certain extent was disallowed by the CIT(A). These appeals have been dismissed by the Tribunal and this position has been accepte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Tribunal cannot allow the claim on assumption of facts 9. We are not convinced by the aforesaid submission by the Revenue in the facts of this case. In the first instance, as already noted above, assessment order passed by the AO is under Section 144 of the Act. No doubt, in the income tax return filed by the assessee, it had claimed exemption under Section 11 of the Act. However, in support of this claim, the assessee had filed the requisite documents and particularly, the Memorandum of Association (MoU) which explains the activities of the assessee. The claim of the assessee was that it is the Trust established for the purpose of Educational Activities and therefore, should be treated as a Trust established wholly for the cha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rofits. (ii) Aggregate annual receipts of such university or educational institution do not exceed the amount of annual receipts as may be prescribed. The prescribed amount is Rs.1 Crore. 11. From the aforesaid discussion, it would clearly follow that an educational institution, if it is a Trust, can claim exemption as a Trust established for charitable purposes under Section 11 of the Act. It is also an option to seek the benefit of Section 10(23C)(iiiad) of the Act if the aforesaid conditions stipulated therein are fulfilled. 12. In the present case, on the basis of some material which were produced for seeking exemption under Section 11 of the Act, the assessee Trust sought exemption under Section 10(23C)(iiiad) before the CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... located at Denver, USA. (d) The appellant has license to administer the CFP Certification in India and as per the education process all students who are registered with appellant have to undergo training for a minimum prescribed period, in lines with prescribed syllabi before enrolling for examination. (e) The training is imparting by Education Providers who are approved and appointed by the appellant. The Certification Education Programme (CEP) consists of the following module; (i) Introduction to Financial Planning (ii) Insurance Planning Risk Management (iii) Retirement Planning Employees Benefits. (iv) Investment Planning (v) Tax Planning (vi) Financial Plan 15. In addition to detailed note on education ..... X X X X Extracts X X X X X X X X Extracts X X X X
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