2012 (8) TMI 1058

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....pellate Tribunal, Jaipur Bench 'A', Jaipur, whereby ITA No. 694 & 695/JP/2007 relating to Assessment Year 2004-2005 and 2000-2001 filed by revenue, have been dismissed, therefore, these appeals are being disposed off by a common order. 4. Briefly stated the facts of the case are that respondent assessee is a registered society running various educational institutions. The Assessing Officer has denied the exemption under Section 10(23C)(vi) of the Income Tax Act, 1961 to the assessee. The learned Commissioner of Income Tax (Appeals), allowed the same, while allowing the appeals of the assessee. Being aggrieved with the order of Commissioner of Income Tax (Appeals), the revenue preferred two separate appeals before the Income Tax A....

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.... received by any person on behalf of "Arvind Bhatri Vidyalala Samiti, Ambabari, Jaipur-302023" (hereinafter the "Institution") shall not be included in the total income of such person as assesseable, subject to the following conditions: a) the institution will apply its income, or accumulate for application, wholly and exclusively to the objects for which it is established and in a case where more than fifteen per cent of its Income is accumulated on or after the 1st day of April, 2002, the period of the accumulation of the amount exceeding fifteen per cent of its income shall in no case exceed five years; b) the institution will not invest or deposit its fund (other than voluntary contribution received and maintained in t....