https://www.taxtmi.com/caselaws?id=205997 Revision under Section 263 of the Income-tax Act was examined in the context of whether coaching classes conducted by a chartered accountancy institution constituted a business activity requiring separate books of account and affecting exemption. The court's analysis turned on the true character of the activity: the coaching formed part of the institution's statutory function of education and training, and did not become business merely because fees were charged or study material was supplied. The revisional authority had not properly assessed the institution's nature, object, or the legal meaning of business, and the Tribunal's view that the activity was integral to the statutory objects was upheld. en-us Mon, 19 Sep 2011 00:00:00 +0530 Mon, 10 Dec 2012 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205997 Revision under Section 263 of the Income-tax Act was examined in the context of whether coaching classes conducted by a chartered accountancy institution constituted a business activity requiring separate books of account and affecting exemption. The court's analysis turned on the true character of the activity: the coaching formed part of the institution's statutory function of education and training, and did not become business merely because fees were charged or study material was supplied. The revisional authority had not properly assessed the institution's nature, object, or the legal meaning of business, and the Tribunal's view that the activity was integral to the statutory objects was upheld. Case-Laws Income Tax Mon, 19 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205997