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2017 (8) TMI 1344 - AT - Income TaxDenying the registration u/s 10(23C)(vi) - excess accumulation of funds - Held that:- From the details of four assessment years i.e. of 2012-13, 2013,14, 2014-15 & 2015-16, that the amount of receipt has been exceeded more than 1 Crore, therefore, the assessee preferred the registration u/s 10(23C)(iv) and in the previous year as it reflects from the balance sheet, the assessee utilized the amount for the purchase of land for further extension of the School Building etc. that certainly goes to prove that the same is being utilized for the educational purposes only because the Ld. CIT(E) failed to bring on record any contrary material to the fact. The assessee is also covered within the provisions of Sec.10(23C)(vi) for grant of registration because in the Act, the institution has not been categorized and it has to be given a general meaning as specified in the dictionary. Excess accumulation in the instant case has certainly applied for the objects of the society itself, therefore, we do not find any hesitation to allow the registration to the assessee society U/s 10 (23C)(vi) of the Act. - Decided in favour of assessee.
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