Receipts having no nexus with educational activities, not to be considered in Annual credit receipts u/s 10(23C)(iiiad)

Brief of the Case ITAT Jaipur held In the case of ACIT vs. M/s Public Rose Shiksha Samiti that on verification of the total receipt mentioned by the Assessing Officer , there was a transaction of sale of land for Rs. 47,90,000/-. The Hon’ble Madras High Court has considered the issue of annual receipts as envisaged in Section 10(23C)(iiiad) in the case CIT Vs. Madrasa EBakhiyath- Us-Salihath Arabic College (2015) 120 DTR 238/226 Taxman 372 (Mad.) (HC) wherein the sale proceed of land and Bond held not to be equated to annual receipts as stated U/s 10(23C)(iiiad). If the sale of land to the t...