TMI Blog2012 (12) TMI 241X X X X Extracts X X X X X X X X Extracts X X X X ..... arried on by the educational institution, it will not cease to be one existing solely for educational purposes. Direct the CIT to grant registration to assessee. In favour of assessee - ITA No. 3512/Del/2012 - - - Dated:- 21-9-2012 - Joginder Singh And Shamim Yahya, JJ. Appellant Rep by: Sh. Piyush Kaushik, Adv. Respondent Rep by: Sh. Prithi Lal, Sr. D.R. ORDER Per: Shamim Yahya: This appeal by the Assessee is directed against the order of the Ld. Commissioner of Income Tax, Dehradun dated 21.4.2012 passed u/s. 12AA of the I.T. Act. 2. The grounds raised read as under:- 1. That on the facts and circumstances of the case and in the law, the C.I.T. has grossly erred in denying registration to the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee. In the year ending 31.3.2011 the trust received an amount of Rs. 446,450/- from conveyance charges and Rs. 268,000/- from the development fee. 4. Ld. Commissioner of Income Tax further noted that in assessment year 2011-12 the trust has obtained a surplus of 62%, in A.Y. 2010-11 surplus of 61% and in A.Y. 2009-10 surplus of 57%. Ld. Commissioner of Income Tax noted that all the surpluses were used in further expansion in the same or subsequent years. From this Ld. Commissioner of Income Tax inferred that the above features conclusively show that the assessee trust is being run for commercial purposes and not for charitable purposes. Ld. Commissioner of Income Tax further observed that on perusal of the accounts including receipts woul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ucational purposes, since the object is not one to make profit. 6.2 We further find that in the case of ACIT vs. Vatsalya Senior Secondary School, ITAT, Indore Bench, in I.T.A. No. 353/Ind/2009 for A.Y. 2005-06 vide order dated 31.3.2010, has held that the income generated from school has been utilized exclusively for educational activities and not for the personal gain. It is not the case that the assessee has accumulated of huge profit or has mis-utilized the funds in any manner against the objects of the assessee. Hence, assessee was eligible for exemption u/s. 10(23C)(iiiad). 7. We find that the ratio from the above cited case laws are squarely applicable on the facts of the case. Therefore, the assessee is engaged in the education ..... X X X X Extracts X X X X X X X X Extracts X X X X
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