2008 (4) TMI 536

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..... sessee which was denied by the Assessing Officer in the assessment order. 2. On the facts and in the circumstances of the case, the ld. CIT(A) has erred in law in deleting the addition of Rs. 9,08,720 made by the Assessing Officer on account of unsecured loans not proved to be genuine." 2. The assessee filed return of income declaring nil income. The assessee primarily claimed exemption under section 10( 23C )( iiiad ) of the Income-tax Act. The Assessing Officer denied the claim of exemption under section 10( 23C )( iiiad ) by observing as under : "This is a case of Society registered under the Society Act, 1860. The assessee has filed a copy of certificate dated 18-6-1987. The Memorandum of Associ-ation and aims and objects of .....

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..... er two previous years. He, therefore, concluded that the assessee is running school not for the purpose of providing education for the poor and needy children but with the object of earning profit. Therefore, the school cannot be said to be for charitable purpose under definition of section 2( 15 ) of the Act. 3. During the appellate proceedings, certified copies of the registration certificate and memorandum of aims and objects were filed. It was also certified that there is no change in the aims and objects of memorandum of association of the society from the day of its inception. Copy of these submissions was forwarded to the Assessing Officer for his comments. The Assessing Officer in the remand report reiterated the finding given i .....

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..... ing Officer was not justified in denying exemption under section 10( 23C )( iiiad ) to the appellant." 4. Whereas learned DR relied upon finding of Assessing Officer in denying exemption under section 10( 23C )( iiiad ), learned counsel for assessee relied upon appellate order. 5. We have considered rival submissions. The grievance of Assessing Officer while denying exemption under section 10( 23C )( iiiad ) is that the memorandum of association and aims and objects filed by assessee is on a plain paper and there is no date of incorporation. However, it is seen that the certified copy of certificate of registration dated 18-6-1987 was filed. The society is registered under the Societies Registration Act, 1860. It is not the case .....

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