Case Law Details
Brief Facts of the Case
In this case Assessing Officer has observed that the assessee is established by the Act of Parliament of ICAI Act of 1949 and the assessee comes under the Ministry of Corporate Affairs. The assessee is registered u/s. 12A of the Income Tax Act, 1961 (hereinafter referred the Act) and has been claiming exemption u/s. 11 of the Act which has been denied by the Assessing Officer mainly on the ground that the assessee is involved in commercial activities as the assessee receives coaching fees from the students of CA while giving coaching to the CA students. He further held that assesee’s case falls under the category of General Public Utility and proviso to section 2(15) of the Act is clearly applicable in this case. Accordingly, exemption u/s. 11 & 12 of the Act is denied to the assessee society and its income is computed as normal AOP. The Assessing Officer assessed the income of the assessee at Rs. 12305.37 lacs vide his order dated 21/3/2013 passed u/s. 143(3) of the I.T. Act, 1961.
Against the aforesaid order of the AO, assessee appealed before the CIT(A), who vide his impugned order dated 12.9.2013 has allowed the appeal of the Assessee.
Aggrieved with the order of the Ld. CIT(A) dated 12.9.2013,Revenue is in appeal before the Tribunal.
Contention of the Revenue
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