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TMI Blog2018 (4) TMI 643X X X X Extracts X X X X X X X X Extracts X X X X ..... ducation, research and development, consultancy, laboratory research including testing and certification in relation to packaging at concessional rates to cover its recurring costs and future costs. The capital costs are usually met from grants of the government. Hence, there appears to be no profit motive, and surplus if any is nothing but recovery of future costs to be incurred by the assessee Institution for achieving its objects. Keeping in view the activities already undertaken by the assessee it appears that both the lower authorities have not properly appreciated actual activity being undertaken by the assessee and invoked provisions u/s.2(15) for declining the claim of exemption u/s.11. In the interest of justice, we restore the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) erred in confirming order of Assessing Officer including ₹ 1,50,00,000+7- being Govt Grants-Plan fund as income of the assessee without appreciating that that the said receipt is capital in nature not liable to tax as the same is received for acquisition of specific assets under Plan fund scheme. The Appellant craves leave to add, amend, delete, alter, substitute, any or all the above grounds of appeal. 3. The following grounds have been taken by the assessee in the A.Y.2012-13:- 1) The learned C1T(A) erred in holding that Shri Subhash Dalvv Assistant Director of the Assessee had accepted the proposed taxable income and the said conclusion reached by learned CIT(A) is contrary to the records and hence, the order of l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purpose, [income received was from the letting out of space, sale of publications, sale of tickets and leasing out food and beverages outlets in Pragati Maidan.] (ii) Mudra Foundation for Communications Research Education v.CCIT [2016] 237 Taxman 139 (Gujarat)(HC). Assessee was a society registered under Societies Registration Act, 1950. Its institution was engaged in imparting higher and specialized education in field of communication including advertising and its related subjects. Assessee-Institution was providing training to individual as well as to persons sent by companies to meet needs of Indian industry and commerce. Whether by providing latest information and training to those persons who were already in field of adv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rded as an institution established for charitable purposes as defined under section 2(15) .Main objects of assessee were to support, protect, maintain, increase and promote export leather articles and products and bye-products of leather industry . Its activities were multiple and directed towards assisting its members in extending their global reach thereby increasing their exports. Assessee s activities were not covered by proviso to section 2(15). (vi) Indian Chamber of Commerce v. Income-tax Officer, Exemption-I [2O14] 52 taxmann.com 52 (Kolkata - Trib.) Assessee carried out the activities of conducting Environment Management Centre, Meetings, Conferences and Seminar and issuance of the Certificate of Origin. It was held that Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly governed by the rules applicable to the employees of the Central Government, their pay scale is also governed by the pay commission recommendation as determined from time to time. The Director and the secretary are required to be appointed with the prior approval of MOC and I, Govt of India. Assessee institute receive grants from the Govt. under plan fund. Clauses 38 and 39 of MOA which demonstrate that Income and Property of Institute has to be applied only towards promotion of objects of the assessee and that assessee cannot declare dividends. Further, in event of winding up of the Institution nothing will be paid or distributed to the members of the assessee institute. 11. From the record, we also observe that assessee institution ..... X X X X Extracts X X X X X X X X Extracts X X X X
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