2012 (12) TMI 497

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....nbsp; "any income received by any person on behalf of -     any university or other educational institution existing solely for educational purposes and not for purposes of profit if the aggregate annual receipts of such university or educational institution do not exceed the amount of annual receipts as may be prescribed." 2. The amount of annual receipt has been prescribed at Rs. 1 crore. During the relevant year, the assessee received less than Rs. 1 crore. To that, there is no dispute. The assessee held out that it being an educational institution and is existing solely for educational purposes and not for the purposes of profit, the income it has made out of the receipts will not form part of its total income. The ....

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.... sacrifices of our great leaders.     9- To bring in latest techniques in the education so that the child does not consider education a burden.     10- To promote extra curricular activities and teach the student local art and crafts.     11- Special stress towards children of ex-servicemen, widows and handicaps, for whom education is a burden.     12- Enlighten through visual and black board ways and means to protect themselves and from contagious and other diseases." 3. The Assessing Officer observed that the said objects of the society make it clear that the society has been established to earn profit as excess of receipt over expenditure will be utilized for reli....