University's Tax Exemption Denied for Lack of Audited Accounts and Insufficient Financial Documentation.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The assessee university's application for registration u/s 10(23C)(vi) was rejected due to non-submission of audited accounts and failure to provide necessary information or explanations regarding various queries raised by the Commissioner of Income Tax (Exemptions). The key points are: the assessee argued that audited accounts were not required for the first three years as per the applicable statute, but failed to substantiate this claim. The audit clause did not mention any exemption for the first three years. The assessee's contention regarding non-audit due to non-inclusion in the audit list was found untenable as accounts for the subsequent year were audited before the notification date. Regarding vehicle expenses, no plausible explana.........