https://www.taxtmi.com/caselaws?id=460802 The ITAT Visakhapatnam dismissed the assessee's claim for exemption under section 10(23C) as an educational institution, finding insufficient evidence that it operated solely for educational purposes despite claiming gross receipts under Rs. 1 crore. The tribunal rejected the assessee's failure to produce proper books of accounts and vouchers. However, the appeal was partly allowed on two grounds: income was directed to be estimated at 20% of gross receipts rather than treating entire receipts as income, and the society registered under Societies Act 1860 was held taxable at normal rates instead of maximum marginal rate under section 167B. en-us Thu, 26 Apr 2018 00:00:00 +0530 Thu, 20 Feb 2025 17:43:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460802 The ITAT Visakhapatnam dismissed the assessee's claim for exemption under section 10(23C) as an educational institution, finding insufficient evidence that it operated solely for educational purposes despite claiming gross receipts under Rs. 1 crore. The tribunal rejected the assessee's failure to produce proper books of accounts and vouchers. However, the appeal was partly allowed on two grounds: income was directed to be estimated at 20% of gross receipts rather than treating entire receipts as income, and the society registered under Societies Act 1860 was held taxable at normal rates instead of maximum marginal rate under section 167B. Case-Laws Income Tax Thu, 26 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460802