2006 (4) TMI 520

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... an educational institution in the name and style of Manav Bharti School. The society has in addition established a teachers' training institution also. For the assessment year 1998-99, the society disclosed a surplus of Rs. 1,66,41,658, and claimed exemption from income-tax under section 10(22) of the Income-tax Act, 1961, on the ground that the society was established for promotion and imparting....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssee for the previous years, viz., 1992-93, 1994-95, 1995-96 and 1996-97 held that the assessee-society had no profit motive in running the educational institutions. The Commissioner also came to the conclusion that the objects of the society were purely educational in nature and that merely because certain surplus funds were available with the society did not make the institution a profit making ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....een established without any profit motive. It has also been found on appreciation of the available material that the objects of the assessee-society are purely educational and that the society has been granted exemption of that basis for the previous assessment years. Merely because certain surplus has been declared by the assessee would not, therefore, justify denial of the exemption claimed by t....