Thursday, August 5, 2010

HC (MAD) : Exemption- Educational Institution- .Favor of revenue.

Income Tax - 2010 TMI - 76915 - MADRAS HIGH COURT - P. S. Govindasamy Naidu and Sons versus Assistant Commissioner of Income-tax

Exemption- Educational Institution- The assessee was a public charitable trust running several educational institutions. While considering the assessment for the assessment year 1995-96, the Assessing Officer brought to tax the amount received from students admitted to the college but credited towards the corpus of the trust u/s 2(24)(iia) of the Income Tax Act, 1961, taking the view that these "donation" were not voluntary, but were received as capitation fee for admission into the college. Consequently the Assessing Officer rejected the plea for exemption u/s 10(22). This order is upheld by the Tribunal. Held that- going by the statement recorded from parents, the Tribunal rightly came to conclusion that these amount were in fact paid only by way of capitation fee and not towards corpus account of the assessee trust. The assessee was not entitled to exemption under section 10(22).



--
http://finance.groups.yahoo.com/group/aaykarbhavan/
http://groups.google.com/group/aaykarbhavan
http://finance.groups.yahoo.com/group/It_law_reported/
http://groups-beta.google.com/group/fun-finder
http://finance.groups.yahoo.com/group/le-vech/
http://tech.groups.yahoo.com/group/groups_master/

--
Receive free SMS of finance updates and alert at mobile
Cost free
-----
aaykarbhavan:News about the aykarbhavan
http://labs.google.co.in/smschannels/subscribe/aaykarbhavan
-----
Good and Clean funny, informative motivational SMSes
http://labs.google.co.in/smschannels/subscribe/rajkumarsms
-----
Gandinagar, News about Gandhinagar , Gujarat
http://labs.google.co.in/smschannels/subscribe/Gandhinagar

******
Or Join it by sending SMS

go to write messge in your mobile type

"on aaykarbhavan" / "on rajkumarsms"

and sen it to 9870807070
Me on net :
> >>>>>>>>>>>>>>>>>>>>>
http://rajkumaratthenet.blogspot.com/
http://itronline.blogspot.com/

Virus Warning: Although the I have taken reasonable precautions to ensure no viruses are present in his email, sender (I) cannot accept responsibility for any loss or damage arising from the use of this email or attachment."

No comments:

Post a Comment