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The tribunal held that the monetary limit of Rs. 1 crore prescribed u/s 10(23C)(iiiad) read with Rule 2BC should be applied separately to the gross receipts of each educational institution run by the assessee, and not to the aggregate receipts of both institutions. The CIT(A) erred in not considering this aspect and denying the exemption claim solely on the ground that the assessee's total receipts exceeded Rs. 1 crore. The tribunal also held that the assessee's total income should be computed as per commercial principles, allowing eligible expenditure against gross receipts. Consequently, the CIT(A)'s order was set aside, and the matter was remanded to the Assessing Officer for fresh adjudication, allowing the assessee's appeal for statistical purposes.
The tribunal held that the monetary limit of Rs. 1 crore prescribed u/s 10(23C)(iiiad) read with Rule 2BC should be applied separately to the gross receipts of each educational institution run by the assessee, and not to the aggregate receipts of both institutions. The CIT(A) erred in not considering this aspect and denying the exemption claim solely on the ground that the assessee's total receipts exceeded Rs. 1 crore. The tribunal also held that the assessee's total income should be computed as per commercial principles, allowing eligible expenditure against gross receipts. Consequently, the CIT(A)'s order was set aside, and the matter was remanded to the Assessing Officer for fresh adjudication, allowing the assessee's appeal for statistical purposes.
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