Reassessment proceedings validly initiated based on fresh tangible material regarding undeclared...

Reassessment proceedings validly initiated based on fresh tangible material regarding undeclared capitation fees. Exemption u/s 11 denied as charging capitation fees is against trust's charitable objective. Word 'wholly' in Section 11 akin to 'solely', no scope for partial charitable purposes. ITAT wrongly sustained exemption and relied on ITSC order for other assessment years. HC set aside ITAT order, substantial questions answered in Revenue's favor. .....

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