TaxTMI 
TaxTMI 
2021 (4) TMI 153
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....e fact of the case which contains the grounds of appeal has not been reproduced here again. 4. That the assessee craves indulgence of the appellant authority to urge any further grounds at the time of hearing. 5. That it is prayed and requested that the appeal may kindly be entertained for hearing without payment off disputed demand because the assessee has not been given reasonable opportunity of heard." 3. The Assessee is a registered Society under U.P. Society Registration Act vide Registration No. 638 of 2011-12 dated 29.08.2011 having validity upto 28.08.2016. The society has been granted registration u/ s 12AA of the Income Tax Act, 1961. 4. The aims & objectives of the society are as under: A. Aims of the Society: (i) The main of the Society is to assist in improvement of standard of vocational training and skill development in the country as a whole. (ii) The Society has been formed with the specific aim of up gradation of the Industrial Training Institute (ITI) Dadri into a centre of excellence in such a way that the training provided in the ITI is improved and becomes demand driven leading to better employability of the p....
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.... xi) To make expenditure out of the funds of the Society, including interest free loan received from the Central Government under the scheme 'Up gradation of 1396 Government ITIs through public Private Partnership', as per prescribed terms and conditions. (xii) To set up Placement Cell in the ITI to guide/help the graduates in employment/self employment. (xiii) To network, interact, establish and maintain working relations with institutes within and outside vocation Training system and participate in related activities so as to increase awareness in trainees and trainers in the area of vocational training. (xiv) To network and interact with local industry chambers, other industry associations, employment exchanges, lead banks, other Government department and undertake measures, like job fairs, so as to increase the employability of ITI graduates. (xv) To undertake measures to achieve target Key Performance Indicators set out the Tripartite Memorandum of Agreement as referred in the Para (i) above. (xvi) To organize skill completions in the ITI, ' take part in other skill competitions including State/National/World Skill com....
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....unt as corpus fund so that the Society may proceed for achieving its aims and objects confidently. (xii) To solicit, receive and accept funds, aids, grants, services and contributions in kind from individuals, companies, foundations, governmental departments agencies, other agencies and sources and in accordance with the rules and regulations of the Society, in furtherance of the aims and objects of the Society, subject to the applicable laws. (xiii) To acquire, purchase, heir, take on lease, exchange, construct or acquire in any other manner property movable or immovable which may be necessary or convenient for the objects of the Society. (xiv) To borrow and raise monies on mortgages, promissory notes or other securities founded or based upon all or any of the properties and assets of the Society or without any securities provided that prior approval in writing of the State Government is obtained in that behalf. (xv) To open and operate bank accounts in Public Sector Bank, draw, accept, endorse, discount and negotiate cheques, bills of exchanges, promissory notes and other negotiable instruments. (xvi) To invest funds of the So....
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....ainment of the objects herein stated and on that behalf also to invest funds of the society. (xxix) To subscribe money for any national, charitable and benevolent object useful for general public or for any exhibition to any institution, club, Society or fund, but not intended for any political party or class with prior approval of State Government. (xxx) To institute, conduct, defend or compromise legal proceedings by or against the Society or its officers or employees in respect of any matters affecting the Society directly indirectly. (xxxi) To do all such other lawful things as are conductive incidental to the attainment of any or all of the above objects and for furthering the purposes and growth of the Society or its resources. 5. The society has received interest free loan of Rs. 2 .5 crores from the Ministry of Labour & Employment re- payable from the 11th year after receipt of the loan. The amount has been kept in the bank in form of FDs and fixed deposit on which the assessee has earned interest income of Rs. 23,67,659 /-. The assessee has claimed the interest amount exempt from tax u/ s 10(23C)(iiiab). The said income has been brought to tax....
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....isting define as in existence or operation at the current time by Google & several dictionaries. The word existing which your goodself has been considered and interpreted as imparting would only lead to a narrow scope to the university or other educational institution as a whole, which may the Parliament not been presumed. If the parliament had thought the exemption to be l imited only to the institutes who impart, but not to those which not impart but support or improve the institute, the word existing would not be placed in section but some more suitable work like imparting would be given. Thus in the light of above, the word existing could not be curtailed to just imparting but it means in existence. The word educational purpose, which your goodself has been considered & interpreted as only education may not be accepted. The only word education which your goodself has been considered would defeat the purpose of section. The parliament had thought and covered large scope of institution, it not only cover those which provide education but also to those which exist for purpose of education. So in the light of above, we want to submit that the IMC of ITI fulfills b....
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....preme Court in the case of Sole Trustee, Loka Sikshana Trust v CIT [1975 ] 101 ITR 234 - "the word 'education' has been used to denote systematic instruction, schooling or training given to the young in preparation for the work of life and it also connotes the whole course of scholastic instruction which a person has received, which led to the understanding that only institutions affiliated to boards and universities providing schooling which resulted in a degree or diploma. The education also included primary education as such education was a backward integration to normal schooling. 14. The case of Sole Trustee, Loka Sikshana Trust v CIT (supra) has been the yardstick for interpretation of the word 'education'. The ratio basically boils down to (i) institutes affiliated to boards and universities providing schooling which resulted in a degree or diploma. (ii) primary education as was a backward integration to normal schooling. 15. The Hon'ble Gujarat High Court considered identical issue in the case of Saurashtra Education Foundation v. CIT [2005] 273 ITR 139/[2004] 141 Taxman 26 (Guj) and held that all kinds of education would not fall within the meaning of section 2(15) o....