2023 (3) TMI 1512 - HC - Income Tax

Review petition - Exemption u/s 10(22) - denial of exemption objects of the Trust include commercial activity - as argued appellant's Trust was registered with the primary object to impart education - as decided by HC 2022 (12) TMI 401 - KARNATAKA HIGH COURT Stand taken by the assessee that contributions were received only from the students has been rightly rejected by the AO. Cash balance of Rs.1.30 Crores at the peak with petty cash being drawn on daily basis fortifies the view taken by the AO that money was being utilized for some other purpose. HELD THAT - As petitioner submits that the petitioner has decided not to pursue the review petition and prayed to withdraw the same. A memo of even date is filed to the said effect. Memo be kept in record. Leave granted. Petition is accordingly dismissed as withdrawn.