https://www.taxtmi.com/caselaws?id=755130 Delhi HC set aside ITAT order that invalidated reassessment proceedings and granted exemption under Section 11. The court held that AO had sufficient cogent reasons to initiate reassessment based on seized material and admissions regarding undeclared capitation fees. HC ruled that charging capitation fees violated charitable trust objectives, making the assessee ineligible for exemption under Sections 11 and 12. The court emphasized that "wholly" in Section 11 means "solely" for charitable purposes, not "mainly." ITAT erred in sustaining exemption claim and invalidating reassessment proceedings based on quantum differences in capitation fees. en-us Wed, 03 Jul 2024 00:00:00 +0530 Thu, 16 Jan 2025 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755130 Delhi HC set aside ITAT order that invalidated reassessment proceedings and granted exemption under Section 11. The court held that AO had sufficient cogent reasons to initiate reassessment based on seized material and admissions regarding undeclared capitation fees. HC ruled that charging capitation fees violated charitable trust objectives, making the assessee ineligible for exemption under Sections 11 and 12. The court emphasized that "wholly" in Section 11 means "solely" for charitable purposes, not "mainly." ITAT erred in sustaining exemption claim and invalidating reassessment proceedings based on quantum differences in capitation fees. Case-Laws Income Tax Wed, 03 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755130