TMI Blog2017 (11) TMI 1026X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,259/- therefore, the Tribunal has rightly held that the proceedings under Section 263(1) initiated by the Commissioner are illegal and the Commissioner is not empowered to invoke the power of Section 263 of the Act as the basic consideration to hold that the order of Assessing Officer is erroneous, is missing upon the facts and circumstances of the present case. We are in full agreement with the finding of the ITAT as we find that the assessee society is running a school and has admittedly received the tuition fee being the annual receipts below the prescribed limit of ₹ 1 crore and according to us the exemption limit clearly provides the cut of figure of ₹ 1 crore being the annual receipt of the educational Institution or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clearly established that the respondent was not registered under Section 12A/12AA of the Act for the relevant assessment year and as such not entitle for the exemption claimed to this effect and it has been rightly and legally arrived at conclusion while exercising the jurisdiction conferred under Section 263 of the Act but it appears the attention of the ITAT escape to this effect while observing otherwise vide order impugned which is not permissible in law. (C) Whether the case law provided before the ITAT on behalf of the appellant fully applicable to the facts and circumstance of the matter has in fact not been taken into account in its prospective manner and arrived at incorrect conclusion vide order impugned by the ITAT. W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment Year 2009-10 is erroneous and prejudicial to the interest of revenue and the same is hereby cancelled and the assessing officer is directed to make a fresh assessment in this case after considering and complying with the issues raised and as elaborately discussed in the present order. The order of the Commissioner dated 11.10.2012 has been challenged by the assessee/respondent before the ITAT. The grounds taken by the assessee before the Tribunal was that the Commissioner has erred in holding the regular assessment order dated 28.12.2011 was both erroneous as well as prejudicial to the interest of Revenue and directing the Assessing Authority to make fresh assessment after consideration of the decision of the Hon'ble Apex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (i) ........... sub clause (iiiad) provides as follows : any university or other educational institution existing solely for educational purposes and not for purposes of profit if the aggregate annual receipts of such university or educational institution do not exceed the amount of annual receipts as may be prescribed; or Clause (iiiad) of Section (23C) of Section 10 clearly provides that any university or any educational institution established for the educational purposes and is not for the purposes of profit do not exceed the amount of annual receipts within the prescribed limit (in the present case it is ₹ 1 crore vide Rule 2-bc). It will be entitled to get the benefit of Section 10. The CIT in the procee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Act, and if he considers that any order passed therein by the [Assessing] Officer is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the assessee and opportunity of being heard and after making or causing to be made such inquiry as he deems necessary, pass such order thereon as the circumstances of the case justify, including an order enhancing or modifying the assessment, or cancelling the assessment and directing a fresh assessment. In the aforesaid background the ITAT has concluded, after due consideration of the fact of the present case, that the Commissioner has taken a particular view that the gross received is more than ₹ 1 crore therefore, the assessee society is not en ..... X X X X Extracts X X X X X X X X Extracts X X X X
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