https://www.taxtmi.com/caselaws?id=327900 The appellant was not entitled to relief under Section 10(22) of the Income Tax Act as the court interpreted the term 'education' narrowly, finding the appellant did not qualify for exemption. The interpretation of the appellant society's purpose was upheld, rejecting their claim as an educational institution. The computation of capital gains was upheld for the relevant assessment year. Exemption under Section 11 was rejected post-sale of the school. The court found no substantial question of law regarding evidence for incurring liabilities. The Assessing Officer's competence in the second round of proceedings was affirmed. The Department's appeals were allowed, dismissing the appellant's appeals and upholding the Tribunal's earlier order. en-us Mon, 28 Mar 2016 00:00:00 +0530 Sat, 21 May 2016 12:43:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327900 The appellant was not entitled to relief under Section 10(22) of the Income Tax Act as the court interpreted the term 'education' narrowly, finding the appellant did not qualify for exemption. The interpretation of the appellant society's purpose was upheld, rejecting their claim as an educational institution. The computation of capital gains was upheld for the relevant assessment year. Exemption under Section 11 was rejected post-sale of the school. The court found no substantial question of law regarding evidence for incurring liabilities. The Assessing Officer's competence in the second round of proceedings was affirmed. The Department's appeals were allowed, dismissing the appellant's appeals and upholding the Tribunal's earlier order. Case-Laws Income Tax Mon, 28 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327900