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TMI Blog2012 (8) TMI 1058X X X X Extracts X X X X X X X X Extracts X X X X ..... /2007 relating to Assessment Year 2004-2005 and 2000-2001 filed by revenue, have been dismissed, therefore, these appeals are being disposed off by a common order. 4. Briefly stated the facts of the case are that respondent assessee is a registered society running various educational institutions. The Assessing Officer has denied the exemption under Section 10(23C)(vi) of the Income Tax Act, 1961 to the assessee. The learned Commissioner of Income Tax (Appeals), allowed the same, while allowing the appeals of the assessee. Being aggrieved with the order of Commissioner of Income Tax (Appeals), the revenue preferred two separate appeals before the Income Tax Appellate Tribunal, which have been dismissed, vide common order dated 19th Septe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hereinafter the Institution ) shall not be included in the total income of such person as assesseable, subject to the following conditions: a) the institution will apply its income, or accumulate for application, wholly and exclusively to the objects for which it is established and in a case where more than fifteen per cent of its Income is accumulated on or after the 1st day of April, 2002, the period of the accumulation of the amount exceeding fifteen per cent of its income shall in no case exceed five years; b) the institution will not invest or deposit its fund (other than voluntary contribution received and maintained in the form of jewellery, furniture, etc.) for any period during the previous years relevant to the assessment y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nded by the Central Government, if it is subsequently found that the activities of the institution are not genuine or if they are not carried out in accordance with all or any of the conditions subject to which it was notified. 5. This order is in super-cession of the earlier order no.197/115/2006-ITA-I dated 07.02.2007. Sd/- (DEEPAK GARG) Under Secretary to the Govt. of India Copy to:- i) Arvind Bharti Vidyalaya Samiti, Ambabari, Jaipur-302023 ii) The CCIT, Jaipur iii) The CIT-II Jaipur iv) The Director of income Tax, (RSP PR), New Delhi. v) Guard File. Sd/- (DEEPAK GARG) Under Secretary to the Govt. of India 6. In view of above order passed by the Central Board of Direct Taxes, the assessee/respondent is held en ..... X X X X Extracts X X X X X X X X Extracts X X X X
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