Trust cannot be denied exemption for mere receipt of income by way of training and consultancy fee

Xavier Institute of Management Vs ITO (ITAT Cuttack) The Cuttack bench of the Income Tax Appellate Tribunal (ITAT) has held that the income received by a charitable institution imparting education shall not be charged for receiving training and consultancy fee from corporates as the same cannot be treated as a ‘commercial activity’ for denying tax exemption. The assessee society is a charitable institution duly registered under Section 12AA of the Income Tax Act. The assessee is running Management Institute and imparts education on management of business to the students. Because of the abo...