Share of income received by University out of consultancy income earned by professors not entitled for exemption u/s 11

Brief of the Case ITAT Mumbai held In the case of ACIT vs. Institute of Chemical Technology University of Mumbai that the consultancy work done by the assessee – University through its professors, in which part income is held by university and the rest lying with respective professors, is not in any way relatable to the aims and object for which the assessee was established. Therefore the assessee is not entitled for any exemption under the provisions of the Act. Also held that if the Professors of the university are giving consultancy / advice work on regular basis, that it will be pres...