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of <h1>Supreme Court Dismisses Petitions, Upholds High Court's Decision, Concluding Appeal Process in Respondent's Favor.</h1> <h3>M/s. Garden City Education Trust Versus The Deputy Director of Income-Tax (Exemptions)</h3> The SC dismissed the special leave petitions, thereby upholding the HC's judgment and order. The SC found no substantial grounds to warrant interference, ... Denial of Exemption u/s 10(22) denied - objects of the Trust include commercial activity - appellant's Trust was registered with the primary object to impart education - As decided by HC [2022 (12) TMI 401 - KARNATAKA HIGH COURT] stand taken by the assessee that contributions were received only from the students has been rightly rejected by the Assessing Officer - cash balance of Rs.1.30 Crores at the peak with petty cash being drawn on daily basis fortifies the view taken by the Assessing Officer that money was being utilized for some other purpose, no exception can be taken to the view taken by the AO and the ITAT as against assessee. HELD THAT:- We are not inclined to interfere with the impugned judgment and order of the High Court. Special leave petitions are dismissed. The Supreme Court dismissed the special leave petitions and declined to interfere with the impugned judgment and order of the High Court.
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