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TMI Blog2020 (5) TMI 516X X X X Extracts X X X X X X X X Extracts X X X X ..... his Court by order dated 28.02.2013 on following substantial questions of law: (i) Whether the appellate authorities were correct in holding that the assessee is eligible for exemption under Section 10(23C)(iiiab) of the Act even though no claim for exemption was made in the return of income? (ii) Whether the Appellate Authorities were correct in allowing exemption under Section 10(23C)(iiiab) of the Act when the assessee is neither a University nor educational institution existing solely for educational purposes? 2. Facts giving rise to filing of this appeal briefly stated are that assessee is a society promoted by Government of Karnataka to acquire and to take over the business and other activities of Government of Karnataka relating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by placing reliance n the decision of the Supreme Court in the case of 'ASSAM TEXT BOOK PRODUCTION AND PUBLICATION CORPORATION LTD. VS. CIT', [2009] 319 ITR 317 held that state text books societies are entitled for exemption under Section 10(22) of the Act, which was similar to Section 10(23C) of the Act before its amendment. Thus, it was held that the assessee was held entitled to exemption under Section 10(23C)(iiiab) of the Act and the addition made by the assessing officer was deleted and the appeal was allowed. The Revenue challenged the aforesaid order in appeal before the Income Tax Appellate Tribunal. The tribunal by an order dated 04.07.2012 affirmed the order passed by the Appellate Authority. Being aggrieved, the Revenue is in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration 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 policy of the State(s); consequently, they should ..... X X X X Extracts X X X X X X X X Extracts X X X X
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