1999 (8) TMI 14

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..... the common order dated October 26, 1998, made by the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, in Income-tax Appeal No. 1716/JP of 1991. Since the order covers different assessment orders, three separate appeals are filed. But, the facts and questions of law that arise for consideration, are the same in these three appeals. The question that came up for consideration before the Commissi .....

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..... in holding that the assessee was entitled for exemption under section 10(22) of the Act. According to him, the respondent-assessee is making profit, hence, it deprives itself of the benefit of exemption under section 10(22) of the Act as can be seen from the orders of the Commissioner of Income-tax (Appeals) as well as the Tribunal, in a similar situation, in the case of the Tamil Nadu Text Book S .....

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..... as the Tribunal have noticed that even if some amount remains surplus, that is utilised only for the purposes of education. Thus, having regard to the concurrent findings of fact recorded by the Commissioner of Income-tax (Appeals) and the Tribunal and also taking note of the letter of the Central Board of Direct Taxes itself, it is not possible for us to say that the order of the Tribunal is erro .....

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