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TMI Blog2018 (2) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... ourse of proceedings. Further CIT has made specific observation about the application of income towards the cost of its assets but merely for applying the surplus from activities carried out during the year towards investment in fixed assets, per se, cannot prove that the assessee is not engaged in charitable activities. We observe that CIT has rejected the application u/s 12AA without considering relevant facts, financial statements, gazette notification of State Government and examining the activities carried out by the assessee in detail. Both the 4 parties have no objection if the issue raised in this appeal is remitted back to the file of the CIT for de novo adjudication. - Decided in favour of assessee for statically purposes. - I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e claim of society being a non profit educational institution, per se, providing education cannot be treated as deed of charity in view of the huge surplus earned consistently for last so many years. He accordingly applied the decision of Madras Tribunal in case of Rajah Sir Annamalai Chettiar Foundation vs. Director of Income-tax (Exemptions) and rejected the application filed by the assessee u/s 12AA of the Act. 3. Aggrieved, the assessee is now in appeal before the Tribunal. At the outset, Learned counsel for the assessee submitted that the society is incorporated in pursuance to the gazette notification issued by the M.P. State government, Higher Education Department, Bhopal vide order dated 19/12/95. It has been registered as Univer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties carried out during the year towards investment in fixed assets, per se, cannot prove that the assessee is not engaged in charitable activities. 5.1 In the light of above observations, we observe that CIT has rejected the application u/s 12AA without considering relevant facts, financial statements, gazette notification of State Government and examining the activities carried out by the assessee in detail. Both the 4 parties have no objection if the issue raised in this appeal is remitted back to the file of the CIT for de novo adjudication. 5.2 We, therefore, in the given facts and circumstances of the case and in view of our observation in the preceding paras, find it justified to remit the issue raised in this appeal relating t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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