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2022 (1) TMI 1195
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....ER Per N.K. Billaiya, AM This appeal by the Revenue is preferred against the order of the Commissioner of Income Tax [Appeals], Faridabad dated 24.01.2018 for Assessment Year 2016-17. 2. The grievance of the Revenue read as under:- i. "Whether on the facts and circumstances of the case, the Ld. CIT(A) has erred in law in holding that the amount of Rs. 2,07,69,430/- set apart as p....
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....The Assessing Officer has clearly mentioned that the only Income shown in the Income & Expenditure Account is from Interest earned from FDRs and not from the basic functions of the educational activities for which the company has established i.e. from fee received from students. iv. Whether on the facts and in the circumstances of the case, the Ld. CIT(A) is right in law in allowing the a....
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....g the year under consideration, the assessee credited income of Rs. 2,08,08,770/- in the income and expenditure account and claimed expenditure of Rs. 43,183 resulting in surplus of Rs. 2,07,65,587/-. Out of this surplus, the assessee accumulated Rs. 1,55,18,168/- u/s. 11(2) of the Act. 5. During the course of the scrutiny assessment proceedings and on going through Form 10, the A.O. formed a b....
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....sel reiterated what has been stated before the Lower Authorities. 9. We have given a thoughtful consideration to the rival contentions. There is no dispute that the assessee is a charitable entity and carrying out the educational activities and is eligible for exemption u/s. 11/12 of the Act. We find that the only dispute raised by the A.O. is that the assessee has not specified the purposes fo....