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TMI Blog2020 (2) TMI 583X X X X Extracts X X X X X X X X Extracts X X X X ..... COURT] and Division Bench judgment of this Court in M.P. Text Book Corporation [ 2015 (7) TMI 537 - MADHYA PRADESH HIGH COURT] The impugned order passed by the learned Tribunal is set aside. The matter is remanded to the Assessing Officer for de novo consideration. All questions are left open. - MAIT No. 192/2007 - - - Dated:- 22-1-2020 - Shri Justice Ajay Kumar Mittal, Chief Justice And Shri Justice Vijay Kumar Shukla, Judge For the Appellant/Revenue : Shri Sanjay Lal, Advocate For the Respondent/Assessee : Shri Abhijeet Shrivastava, Advocate ORDER (Oral) PER: AJAY KUMAR MITTAL, CHIEF JUSTICE : The Revenue has filed the present appeal under Section 260A of the Income Tax Act, 1961 (in short the Act ) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision rendered in ITA No.363/Ind/1999 pertaining to the same assessee decided on 25.10.2002 wherein it was observed that since the assessee is playing a role in imparting education in the absence of which educational institution cannot be run which is in line with its aims and objects, therefore, limited profit for smooth running of an institution or society is not prohibited and the same would not render the assessee society as wholly commercial. In this manner, the present appeal has been filed by the Revenue. 4 . Learned counsel for the appellant placed reliance upon a Division Bench decision of this Court in ITA No.164/2012 ( Commissioner of Income Tax vs. M.P. Text Book Corporation ) decided on 10.07.2015 along with bunch of id ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red the historical background in which the Corporation came to be constituted; secondly, the High Court ought to have considered the source of funding, the share-holding pattern and aspects, such as Return on Investment; thirdly, it has not considered the letters issued by C.B.D.T. which are referred to in the judgment of the Rajasthan High Court granting benefit of exemption to various Board/Societies in the country under Section 10(22) of the Act; fourthly, it has failed to consider the judgments mentioned hereinabove; and lastly, it has failed to consider the letter of the Central Government dated 9th July, 1973, to the effect that all State-controlled Educational Committee(s)/Board(s) have been constituted to implement the Educational p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessing Officer for denovo consideration in the light of the decision of the Supreme Court and the decisions of the Rajasthan High Court and Orrisa High Court referred to therein, which have been affirmed by the Supreme Court. 6. To this limited extent, the appeals will have to be allowed. 7. Counsel for the respondent/assessee submits that since he would get opportunity before the Assessing Officer denovo, the appeals be disposed of leaving all questions left open, to be decided afresh by the concerned Authorities on the basis of the above referred decisions, in particular, the decision of the Supreme Court. 9 . We are conscious of the fact that the provision contained in Subsection (22) of Section 10 has been omitted from the Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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