https://www.taxtmi.com/caselaws?id=75405 Exemption under section 10(22) of the Income-tax Act was denied where survey material and assessment records showed misutilisation of trust funds, including withdrawals without explanation, payment of the managing trustee's residence electricity charges, remuneration to family members in key posts, and purchases booked in the chairman-cum-managing trustee's name. The Court held that the Tribunal had wrongly treated these findings as minor irregularities because the documentary evidence indicated misappropriation and a profit-oriented use of receipts rather than exclusive educational activity. The assessee therefore failed to establish entitlement to the exemption, and the Revenue's appeal succeeded. en-us Wed, 24 Jun 2009 00:00:00 +0530 Mon, 26 Jun 2023 14:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75405 Exemption under section 10(22) of the Income-tax Act was denied where survey material and assessment records showed misutilisation of trust funds, including withdrawals without explanation, payment of the managing trustee's residence electricity charges, remuneration to family members in key posts, and purchases booked in the chairman-cum-managing trustee's name. The Court held that the Tribunal had wrongly treated these findings as minor irregularities because the documentary evidence indicated misappropriation and a profit-oriented use of receipts rather than exclusive educational activity. The assessee therefore failed to establish entitlement to the exemption, and the Revenue's appeal succeeded. Case-Laws Income Tax Wed, 24 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75405