https://www.taxtmi.com/caselaws?id=752445 The ITAT Visakhapatnam allowed exemption under section 10(23C)(iiiad) to an educational society. The revenue contended that gross receipts exceeding Rs. 1 crore disqualified the assessee from exemption, arguing combined receipts from degree and junior colleges should be considered together. The tribunal held that gross receipts from degree college (Rs. 84,81,714) and junior college (Rs. 18,66,811) did not exceed Rs. 1 crore individually or collectively, after excluding certain receipts from previous financial year. Following precedent, the tribunal ruled in favor of the assessee, granting the exemption. en-us Wed, 08 May 2024 00:00:00 +0530 Fri, 10 May 2024 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752445 The ITAT Visakhapatnam allowed exemption under section 10(23C)(iiiad) to an educational society. The revenue contended that gross receipts exceeding Rs. 1 crore disqualified the assessee from exemption, arguing combined receipts from degree and junior colleges should be considered together. The tribunal held that gross receipts from degree college (Rs. 84,81,714) and junior college (Rs. 18,66,811) did not exceed Rs. 1 crore individually or collectively, after excluding certain receipts from previous financial year. Following precedent, the tribunal ruled in favor of the assessee, granting the exemption. Case-Laws Income Tax Wed, 08 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752445