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TMI Blog2016 (3) TMI 1066X X X X Extracts X X X X X X X X Extracts X X X X ..... “Institution” qualifying for exemption U/s. 10(23C)(vi) of the I.T.Act. Hence the exemption sough for the above “Institution” is to be granted. Accordingly, we direct the CCIT to grant exemption u/s.10(23C)(vi) of the Act. - Decided in favour of assessee. - I.T.A. No. 2008/Mds. /2015 - - - Dated:- 19-2-2016 - SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER For The Appellant : Mr.S.Sridhar, Advocate For The Respondent : Mr.Suneel Verma,CIT, D.R ORDER PER CHANDRA POOJARI, ACCOUNTANT MEMBER: This appeal is filed by the Assessee is directed against the order of the Learned Chief Commissioner of Income Tax, Trichy dated 12.08.2015 pertaining to the assessment year 2014-15. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... grant of exemption u/s 10(23C)(vi) of the Act. As the assessee being an AOP (Educational Institutions) engaged only in the activity of running educational institution with a non-profit objective, permission was granted by the proceedings of the Director of School Education, Chennai dated 7.10.1997. As per permission by State Government, the school has been granted Provisional permission to open Matriculation School at Tharamangalam, Salem District for classes standard to 7th standard during the year1996-97. While proceedings, dated 21.2.2007, the assessee school has been granted further permission confirming the earlier permission and granting extension of classes from Vth to 12th Standard from 1.7.2005 to 30.6.2008. As per the ssessee, v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t/Rules for the Institution exists. The school is governed by the Tamilnadu Private Schools Act and Rules. The assessee has forwarded copies of Financial statements from the year 31.3.1997 to 31.3.2014 before CCIT. As per the assessee, wherever surplus was made by Educational Institution, it was ploughed back for Educational purposes. According to AR the Sengunthar Institution was held to be existing solely for Educational purpose and not for the purpose of profit. The assessee has contended that the assessee s school should be granted an approval u/s 10(23C)(vi) of the Income tax Act, 1961. It is seen, that the assessee Sengunthar Matriculation school is being shown as AOP (Educational Institution). It is claimed to be engaged only in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. We have heard both the parties and perused the material on record. It is admitted fact that the assessee was granted permission to run the school by the Director of School Education, Chennai dated 07.10.1997 vide R.C.No.91778/E-4/1997. Under this permission, the assessee was granted permission to open Matriculation School at Tharamangalam, Salem District for classes standard 1st to 7th standard during the year 1966-1967. Again by proceedings dated 21.02.2007 in M.M.No.8064/E-5/2005, the school has been granted further permission confirming the earlier permission and granting extension of classes from 1st to 12th Standard from 01.07.2005 to 30.06.2008. Further by another certificate of Recognition dated 29.12.2014 in proceedings No.55 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd cub-clause (iiiad) which reads as follows:- (iiiab) any university or other educational institution existing solely for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the Government ; or (iiiad) 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 The primary condition u/s.10(23C)(vi), the assessee shall exist solely for educational purposes and not for purposes of profit. The Chief Commissioner of Income Tax without observing that the assessee not solely e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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