2017 (5) TMI 1620

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....ional institutions, made an application for grant of exemption under section 10(23c)(vi) of the Act, 1961 for the assessment year 2008-2009 in the prescribed form supported by copies of audited accounts and balance sheets for the last three years and the other relevant documents. (3) The Chief Commissioner, Income Tax, by its impugned order dated 24.12.2009 rejected the same holding that the petitioner- Society has failed to prove that the Institution exists solely for the educational purpose. It was further held that the petitioner has invested the surplus amount of institution in infrastructural development such as addition to land etc. and, therefore, the petitioner is not eligible for exemption under Section 10(23C)(vi) of the Act, 1....

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....I have heard learned counsel appearing for the parties and considered their rival submissions made hereinabove with utmost circumspection. (8) The petitioner's application for exemption filed under Section 10 (23C)(vi) of the Act, 1961 has been considered by the Chief Commissioner of Income Tax and only finding has been recorded that the additional income/surplus income has been invested in the infrastructural development such as addition to land etc. but no specific finding has been recorded regarding the fact that whether it is for the educational purposes or not. (8) Though, finding has been recorded that the petitioner- Society has other purposes apart from the educational purposes but no supporting reasons have been assigned ....