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2016 (11) TMI 293 - PUNJAB & HARYANA HIGH COURT

2016 (11) TMI 293 - PUNJAB & HARYANA HIGH COURT - TMI - Application for registration under Section 10 (23C)(vi) rejected - petitioner has shown M/s Amarnath Builders Private Limited (for short the 'Company') as a creditor for the sum of about ₹ 37 lacs - Held that:- Company has leased land in favour of the petitioner for the purpose of running the educational institution thereon. We will refer to the lease later with reference to the other objection. If the company has granted an interest .....

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s nothing to indicate as to what would happen to the construction put up on the land leased by the company to the petitioner for the purpose of setting up the educational institution - Held that:- The company and the petitioner had admittedly entered into a lease deed dated 12.10.2011 under which the company leased in favour of the petitioner land measuring in the aggregate about 5,600 square meters in a colony developed by the said company. The lease was at a nominal rent of ₹ 72, 800/- f .....

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er Clause 6 to remove the construction upon the expiry of the terms of the lease. There is no ambiguity in these provisos. The terms and conditions of the lease deed cannot be a ground for refusing the exemption sought under Section 10 (23C)(vi). - The petition is, therefore, disposed of with liberty to the petitioner to either file a fresh affidavit in support of its existing application or a fresh application containing the necessary undertakings confining its activities only to educationa .....

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come Tax Act, 1961 for the year 01.04.2012 onwards. 2. The petitioner has filed an application for registration under Section 10 (23C) (vi) on 27.09.2013. Section 10 (23C)(vi) reads as under: Incomes not included in total income 10. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included- (23C) any income received by any person on behalf of - (vi) any university or other educational institution existing solely f .....

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y for the purpose of grant of the exemption, or continuance thereof, under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via). 3. The petitioner made an application for the exemption under the first Proviso in Form No. 56D as required under Rule 2CA of the Income Tax Rules, 1962. Mr. Pankaj Jain, Learned senior counsel appearing on behalf of the petitioner admits that as on date the petitioner intended carrying on not only educational activities but also other activities of .....

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be entitled to the exemption under the said Section. 4. Mr. Jain then submitted that the petitioner would confine its activities with respect to educational purposes and for no other purposes charitable or otherwise. If such an undertaking is furnished, whether in the same application or by way of a separate application with this clarification and with undertakings to that effect, the respondents would consider the same afresh. 5. By the impugned order, the application appears to have been reje .....

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ased land in favour of the petitioner for the purpose of running the educational institution thereon. We will refer to the lease later with reference to the other objection. If the company has granted an interest free loan to the petitioner for the purpose of establishing and running the educational institution, the exemption cannot be refused. The mere receipt of an interest free loan is not indicative of a commercial activity for profit. However, whether the loan was in fact so granted as alle .....

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titioner had admittedly entered into a lease deed dated 12.10.2011 under which the company leased in favour of the petitioner land measuring in the aggregate about 5,600 square meters in a colony developed by the said company. The lease was at a nominal rent of ₹ 72, 800/- for a period of 30 years. The period of 30 years was extendable on terms and conditions to be mutually agreed upon. On the expiry of the lease by efflux of time, the lessee, i.e. the petitioner would be entitled to remov .....

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