2012 (7) TMI 989

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.... u/s 11 of the Income-tax Act in the absence of registration u/s 12AA of the Income-tax Act whereby the assessment was concluded in the status of 'AOP'. ii) The learned CIT(A) erred in holding that the assessee is eligible for exemption u/s 10(23C)(iiiab) even though no claim for exemption was made. iii) The learned CIT(A) erred in holding that the assessee is eligible for exemption u/s 10(23C)(iiiab) without appreciating the fact the society is not an university or educational institution existing solely for educational purposes. iv) The CIT(A) erred in not appreciating the fact that the activities carried out by society cannot be said that the society exists solely for education purpose. The activities carried out by the society ....

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....ied over to the financial year 2007-08. The AO found that the assessee was not registered u/s 12AA of the Act and hence exemption u/s 11 was not available to the assessee and accordingly the AO treated the amount as the income of the assessee and completed the assessment. Aggrieved, the assessee moved the matter in appeal before the first appellate authority. 4. Before the first appellate authority, the assessee argued that it is a society established by the Government of Karnataka for education purposes and hence it is entitled for exemption u/s 10(23C)(iiiab) of the Act. The CIT(A) found that clause (iiiab) of sec.10(23C) exempts the income received by "any university or other educational institution existing solely for educational purpo....

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....ext Book Publishing Corporation is entitled for exemption u/s 10(23C)(iiiab) of the Act. The CIT(A) also found that the assessee did not divert the unspent amount for any other purposes and only carried over to the next year for carrying out its main activity of printing of textbooks. Therefore, the CIT(A) held that the assessee is entitled for exemption u/s 10(23)(iiiab) of the Act and deleted the addition made by the AO. 5. Now, the Revenue is aggrieved and is on appeal before us with the grounds of appeal extracted elsewhere of this order. At the time of hearing, learned Departmental Representative reiterated the grounds of appeals as his submissions. He also relied on the decision of the Apex Court in the case of Oxford University Pres....