TaxTMI 
TaxTMI 
2016 (10) TMI 171
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....2014, it applied to the Chief Commissioner seeking exemption under Section 10(23C)(vi) of the Act. As required, Form No. 56-D, prescribed under Rule 2CA of the Income Tax Rules, 1962 (for short - the Rules), was also filed. In pursuance to the said application, through letter dated 16.04.2014, the respondent-Department sought from the petitioner certain information including its accounts for the year ending 31.03.2014, objects of the petitioner and returns of income filed earlier. The required information along with Audit Reports including the Balance Sheets, Profit and Loss Accounts, Student Activity Fund, Student Development Fund, Fixed Assets, Capital Accounts, Income and Expenditure Accounts, particulars with regard to cash in the Bank, Secured and Unsecured Loans etc., for the year ending 31.03.2014, were supplied. Thereafter, the petitioner received notice for grant of opportunity of hearing, which was granted on 24.02.2015, during the course of which, it was pointed out that the petitioner had prematurely filed the application on 24.03.2014 and that the same could only have been filed after the expiry of Financial Year 2013-14 and before 30.09.2014. The petitioner filed a ....
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....ia)] : xx xx xx xx Provided also that in case the fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in the first proviso makes an application on or after the 1st day of June, 2006 for the purposes of grant of exemption or continuance thereof, such application shall be [made on or before the 30th day of September of the relevant assessment year] from which the exemption is sought : Under Section 10(23C)(iiiad) read with Section 10(23C)(vi) and the 1st proviso to Section 10(23C), an institution, which is not wholly or substantially funded by the Government, solely set up for the purpose of education and not for the purpose of profit, whose receipts exceed Rs. 1 crore, to claim exemption under Section 10(23C), is required to make an application in the prescribed manner to the prescribed Authority. Thus, as soon as the receipts of such institution exceed Rs. 1 crore, an application for grant of exemption can be made. A plain reading of the 14th proviso to Section 10(23C), as reproduced above, leaves no doubt in our minds that an application under the same can be filed on or before 30th Septe....
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....uld be made, it would have specified the same. To reject the application of the petitioner, the Chief Commissioner also relied upon Clauses 11 to 19 of Form No. 56-D. According to him, the information sought for under these clauses would not be available by the end of Financial Year, for which the exemption is sought. Clauses 11 to 19 of Form No.56-D, along with the attached Notes, read as under :- "FORM NO. 56D [See Rule 2CA] xx xx xx xx 11. Amount of income referred to above that has been or deemed to have been utilized wholly and exclusively for the objects of the university or other educational institution or hospital or other medical institution referred to in serial number 1 (income deemed to have been utilized shall have the meaning assigned to in subsections (1) and (1A) of section 11) 12. Amount accumulated for the objects mentioned in column 3 above. 13. (i) Details of modes in which the funds of the university or other educational institution or hospital or other medical institution referred to in serial number 1 are invested or deposited showing the nature, value and income from the investment. (ii) Details of funds not invested in the modes specified in ....
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....e Commissioner whom the Central Board of Direct Taxes may authorize to act as prescribed authority for the purposes of sub-clause (vi) or sub-clause (via) of clause (23C) of section 10. Four copies of the application form along with the enclosures should be sent. 2. Copies of the following documents should be annexed :- (i) Deed of trust/memorandum and articles of association/other documents evidencing legal status of the enterprise; (ii) a list of major office bearers including settlor/members of the Governing body; (iii) a photocopy of the latest certificate under section 80G issued by the Commissioner of Income-tax, if any; (iv) true copies of the assessment orders passed for the last three years, if any; (v) photocopy of communication from the Commissioner of Income-tax with reference to the application of the trust/institution for a registration under section 12A, if any. 3. The applicant shall furnish any other documents or information as required by the Chief Commissioner or Director General or Principal Commissioner or Commissioner or any authority authorised by the Chief Commissioner or Director General or Principal Commissioner or Commissioner, as ....