Case Law Details
Case Name : Institute for Development and Research in Banking Technology (IDRBT) Vs ACIT (ITAT Hyderabad)
Related Assessment Year : 2011-2012
Courts :
All ITAT ITAT Hyderabad
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Issue before court:
Whether the activities of the assessee fall within the purview of the proviso to section 2(15) of Income Tax Act, 1961 while activities of the assessee fall within the purview of ‘imparting education’ and ‘research’ in Banking Technology which is very much within the first three limbs of section 2(15) of the Income Tax Act, 1961.
Whether assessee is ineligible for the claim of exemption u/s. 11 even though the activities of the society are charitable in nature and are in line with the objectives of the society having got registered u/s. 12AA of the I.T. Act, 1961.
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Sir,
In true sense, when any surplus of income (profit) derived through any activity is used for the purpose of attainment of any of the objectives, which is charitable in nature, or implementing an activity of charitable in nature could seldom be treated as commercial activity. Therefore, the Order of the Hon’ble ITAT Hyderabad in ITA No. 1712/HYD/2014 (Date of Decision: 30.06.2015) in the case of the Institute for Development and Research in Banking Technology (IDRBT) Vs. ACIT, is most appropriate.