2004 (7) TMI 48

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....sessment year 1992-93, the respondent/assessee claimed exemption under sections 10(22) and 11 of the Income-tax Act (hereinafter referred to as the "Act") and the same was accepted by the Income-tax Officer under section 143(1)(a) of the Act. The case of the respondent/assessee (trust) was taken up for scrutiny and the assessment was completed under section 143(3) of the Act on March 20, 1995, by taxing the income and held that the respondent/assessee (trust) was not eligible for exemption under sections 11 and 12 of the Act, as the Assessment Officer has violated section 11(4A) of the Act. An appeal was preferred by the respondent/assessee (trust) before the Commissioner of Income-tax (Appeals), who, by order dated June 13,1995, allowed....

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....ly with regard to substantial questions of law (ii) and (iii) referred to above. In this regard, it is apt to refer sections 10(22) and 11(4A) of the Act, which read as follows: "10. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included-... (22) any income of a university or other educational institution, existing solely for educational purposes and not for purposes of profit; 11. Income from property held for charitable or religious purposes.-... (4A) Sub-section (1) or sub-section (2) or sub-section (3) or subsection (3A) shall not apply in relation to any income of a trust or an institution, being profits and gains of business, unless the business....