TMI Blog2012 (9) TMI 981X X X X Extracts X X X X X X X X Extracts X X X X ..... is registered society, running an institution in the name of Swami Atmdev Gopalanand Inter College, Ugarpur and also running a residential primary school of Scheduled Caste and a residential school for handicapped and girls boarding hostel. The return was filed at nil income. The AO has mentioned that all the assertions made by the assessee including the fact that it is backed by the Government Funds and is, therefore, claiming exemption u/s. 10(23C)(iiiab) of the IT Act. Although, claim of exemption under the above provision was not challenged by the AO, but he has made certain additions on account of unproved grant, unsecured loans and unproved donations. The assessee challenged all the three additions before the ld. CIT(A). The ld. CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... )(iiiab) of the IT Act. The ld. CIT(A) also considering the aims and objects of the assessee found that the assessee has been imparting education and was existing solely for the educational purpose and the activities of the assessee were funded by the government, apart from donations etc. These findings have not been disputed that the assessee is entitled for exemption u/s. 10(23C)(iiiab) of the IT Act. Before proceeding further on merits, we note that the relevant provision of section 10(23C)(iiiab) provides In computing the total income of the previous year of any person, any income falling within any of the following clauses shall not be included in income received by any person on behalf of (iiiab). any university or other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Exemption) vs. Raunaq Education Foundation, 294 ITR 76 (Del.), in which it was held The words derived from (or some other similar words) do not occur in section 10(22) of the Income-tax Act, 1961, and, therefore, the word income as occurring in section 10(22) cannot be given a restrictive meaning and must be given its natural meaning or the meaning ascribed to it in section 2(24). Hence, an assessee who is entitled to exemption under section 10(22) can claim the benefit thereof for the purpose of income deemed to be chargeable to tax under section 68. 5. Considering the above discussion and the decision of Hon ble Delhi High Court, it is clear that when the assessee is entitled for exemption of income u/s. 10(23C) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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