Case Law Details
New Amazing Shiksha Society Vs. ITO (Exemption (Ward) (ITAT Delhi)
Exemption u/s 10(23)(iiiad) of the Income Tax Act, 1961 should not be denied to the assessee as selling of books and uniform to the students of assessee is part of educational activity only. Moreover, the impugned addition was made merely on the basis that surplus arises to the assessee during the year under consideration without appreciating that the surplus is merely 12% which is considered as legitimate for charitable purposes. Thus, the addition of Rs. 12,01,906/- is not tenable, hence, the same is deleted as such and accordingly the grounds raised by the assessee stand allowed. In the result, the ITA No. 3550/Del/2018 stands allowed.
FULL TEXT OF THE ITAT JUDGEMENT
The Assessee has filed these appeals in respect of assessment year 2014-15 against the orders dated 29.9.2017 and 28.3.2018 passed by the Ld. CIT(A), Ghaziabad in quantum as well as in penalty appeals. Since the issues involved in these appeals are inter–connected, hence, these appeals were heard together and are being disposed of by this common order for the sake of convenience. We first deal with Assessee’s Appeal No. 3550/Del/2018 (AY 2014-15).
2. The grounds raised in Assessee’s Appeal No. 3550/Del/2018 (AY 2014-15) read as under:-
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