1996 (3) TMI 10

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....igh Court (see [1982] 137 ITR 735) has recorded the following finding : "Thus, on the material on record, we are not in a position to say that after making the credit entries, the assessee retained any control over the monies or any beneficial ownership therein. For the accounting year 1966-67 corresponding to the assessment year 1968-69, a sum of Rs. 10,41,689.47 had been credited by the assesse....

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....section 11 as the college has been established only for the educational purposes and no part of its fund can be utilised for non-charitable purposes, and the Revenue cannot insist that unless the educational institution expends the amount donated by the assessee within the assessment year, the assessee cannot claim the benefit of exemption under section 11." The High Court also took into account ....

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....sp; 17,37,082 1965-66  1967-68   22-7-1968        7,99,312.00 3,02,998 1966-67  1968-69  20-3-1972       10,41,689.47 3,04,035 1967-68  1969-70    19-4-1972        8,99,535.00 16,61,500 It appears that the Adityanar College was run, no....