Land Purchased for establishing a university – Section 11 Exemption Allowed

ITO(E) Vs Om Charitable Trust (ITAT Delhi) The issue under consideration is whether the AO was correct in denying the exemption u/s 11 to the assessee against Purchase of Land and FLAT in preparation to establishing a university and not in the nature of any ‘real estate’ operation ? In the present case, the assessee had made investment in purchase of land and flats and had also given advance for flat. The assessee was asked by the Assessing Officer to explain the investment made in purchase of land and advance made of Rs.42,94,237/- for purchase of flat because, according to the A...