Section 10(22) exemption is allowable to American School of Bombay Education Trust

DCIT Vs American School of Bombay Education Trust (ITAT Mumbai) Conclusion: Assessee-American School of Bombay Education Trust was eligible for income tax exemption u/s. 10(22) as assessee had reasonable cause and justified the expenses claimed in the Income and Expenditure statement filed along with the return of income. Held:  AO noted that assessee-American School of Bombay Education Trust had not produced the books of account or documents to prove its claim of exemption made u/s. 10(22) that assessee-trust solely existed for educational purposes. He stated that even the Directorate of Enf...