https://www.taxtmi.com/caselaws?id=2067 The Tribunal found that the assessments made under section 143(3)/147 were cancelled as the assessee was entitled to exemption under section 10(22) of the Income-tax Act. The Tribunal emphasized the institution's existence solely for educational purposes and not for profit. The matter was remitted back to the Assessing Officer for a de novo assessment. The penalty imposed under section 221(1) was cancelled due to the assessments being set aside. The Tribunal confirmed the entitlement to exemption and upheld the cancellation of assessments by the Commissioner of Income-tax (Appeals). en-us Thu, 08 Feb 2007 00:00:00 +0530 Sat, 15 Jun 2013 17:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2067 The Tribunal found that the assessments made under section 143(3)/147 were cancelled as the assessee was entitled to exemption under section 10(22) of the Income-tax Act. The Tribunal emphasized the institution's existence solely for educational purposes and not for profit. The matter was remitted back to the Assessing Officer for a de novo assessment. The penalty imposed under section 221(1) was cancelled due to the assessments being set aside. The Tribunal confirmed the entitlement to exemption and upheld the cancellation of assessments by the Commissioner of Income-tax (Appeals). Case-Laws Income Tax Thu, 08 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2067