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Commissioner of Income Tax Versus M/s Arvind Bhartiya Vidhyala Samiti

2012 (8) TMI 1058 - RAJASTHAN HIGH COURT

Income Tax Appeal No.404/2011 and 236/2009 - Dated:- 21-8-2012 - MR. ARUN MISHRA AND NARENDRA KUMAR JAIN-I JJ. Mr. R.B. Mathur, for the Appellant. Mr. L.L. Gupta, for the Respondent. ORDER (Per Jain J.) I.A. No. 17683/2012 in D.B. Income Tax Appeal No. 236/2009 and I.A. No.17670/2012 in D.B. Income Tax Appeal No. 404/2011 are allowed. 2. At the request of the parties, the appeals were heard finally. 3. Both the appeals are directed against the common order dated 19th September, 2008 passed by In .....

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e assessee. The learned Commissioner of Income Tax (Appeals), allowed the same, while allowing the appeals of the assessee. Being aggrieved with the order of Commissioner of Income Tax (Appeals), the revenue preferred two separate appeals before the Income Tax Appellate Tribunal, which have been dismissed, vide common order dated 19th September, 2008, which is under challenge in these appeals. 5. Initially, learned counsel for the appellant argued that the orders passed by Commissioner of Income .....

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to be decided in the present appeals, learned counsel for the appellant also agreed that order of Central Board of Direct Taxes is binding on the department and in view of order passed by Central Board of Direct Taxes, the assessee is entitled for exemption under the provisions of the Act. The order of Central Board of Direct Taxes dated 16th March, 2007 is reproduced as under:- P.No.197/115/2006-ITA, I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes .....

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me, or accumulate for application, wholly and exclusively to the objects for which it is established and in a case where more than fifteen per cent of its Income is accumulated on or after the 1st day of April, 2002, the period of the accumulation of the amount exceeding fifteen per cent of its income shall in no case exceed five years; b) the institution will not invest or deposit its fund (other than voluntary contribution received and maintained in the form of jewellery, furniture, etc.) for .....

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ncome before the income tax authority in accordance witH the provisions of the income tax Act, 1961; e) that in the event of dissolution of the institution, its surplus and the assets will be given to an organization with similar objectives. (f) the institution will continue to be exist solely for educational purpose. g) The institute will get its accounts audited by an accountant as defined in Explanation below sub section (2) of section 288 and furnish along with the return of income. The repo .....

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