9911796707
TMI Blog1980 (9) TMI 113X X X X Extracts X X X X X X X X Extracts X X X X ..... 2) He held that the assessee is entitled to the benefit of s. 11. but, however since the application was not filed in time under s. 11(2)(a) the assessee would not be able to get the benefit of any exemption of accumulated income. In this manner he partly allowed the appeal. 3. The assessee has come on second appeal. On behalf of the assessee it was submitted that after taking note of the objects of the fund the AAC should have held that the assessee is entitled to exemption under s. 10(22) of the Act. The word education is not defined. The dictionary meaning has to be taken note of Similarly the word institution has also not been defined It was submitted that on more or less with similar clauses it was held in the case of Addl. CIT vs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ishable. On the other hand the word education in s. 2(15) of the IT Act 1961 was held to cannot the process of training and developing the knowledge skill mind and character of the students by normal schooling and has not been used in the wide and extensive sense according to which every acquisition of further knowledge constitutes education In the instant case the assessee institution helps the students in training and developing the knowledge by normal schooling methods by giving them the necessary financial assistance. It is, therefore, an educational institution. It was further submitted that in view of the decision in Smt. Godavari Devi Saraf 113 ITR 589 the Tribunal is bound to follow the decision in the case of M.CT. Trust and others ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of Sole Trustee, Lokasikhsana Trust 1975 CTR (SC) 281 : 101 ITR 234 The aim and object of the assessee is directly related to the schooling of the children either in schools or colleges. The case is analogous to the decision in the case of Secondary Board of Education 86 ITR 408 There the Secondary Board derived income from text books. It was also controlling the schools but that was not the material point. The point was whether the income from the compilation, publication, printing and sale of text books was liable to exemption under s. 10(22) The Secondary board was not direct imparting education. It was printing books which was used in education and it was held that the Secondary Board was entitled to exemption under s. 10(22) On t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot within time. Following the decision in Smt. Godavari Devi Saraf 113 ITR 589 (Bom) and applying the decision in the case of M.CT. Trust Others 1976 CTR (Mad) 69 : 102 ITR 138 (Mad), we have to hold that applications has to be accepted. Apart from this it is also noticed from the decision in the case of MCT. Trust Others that the High Court had followed the decision in the case of Sales Tax Officer, Ponkunnam vs. K.I. Abraham (1967) 20 STC 367 (SC). That decision interpreted the words "in the prescribed manner" occurring in the Central ST Act. It was held by the Supreme Court that the phrase 'in the prescribed manner in the appropriate section does not take in the time element. That is an interpretation of the words 'in the prescribed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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