Hostel Fee Income Deemed Charitable, Exempt u/s 11 of Income Tax Act, Not Business Income.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Exemption u/s 11 - assessee is running a hostel and every year surplus is generated - As hostel fee income is subservient to the main object of the education and therefore the learned assessing officer is directed to treat the same as not a business income but income derived from the charitable activities of "education"....