2025 (12) TMI 860

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.... Society incorporated under the provisions of the Tamil Nadu Cooperative Society Act 1983. It is formed with object of imparting Cooperative Education and training to members of registered societies. The return of income for AY-2018-19 was filed on 22.02.2019 disclosing nil income after claiming exemption u/s. 10(23C)(iiiab) of the Income Tax Act. Against the said return of income, the assessment was completed by the NFAC vide order dated 29.09.2021 passed u/s. 143(3) of the Income Tax Act r.w.s. 144B of the Income Tax Act at a total income of Rs. 57,71,30,30/-. While doing so, the assessing officer denied the claim for exemption u/s. 10(23C)(iiiab) by holding that the conditions laid down under the provision of 10(23C)(iiiab) were not sati....

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....the government and it is running educational institution imparting cooperative education, management. Therefore the conditions laid down u/s. 10(23C)(iiiab) stands satisfied, and therefore the lower authority had grossly erred in denying the claim for exemption u/s. 10(23C)(iiiab) of the Income Tax Act. 5.0 The Ld.CIT(A) opposed the above submissions and submits that the appellant is not eligible for exemption u/s. 10(23C)(iiiab) of the Act as it is not running educational institution and the appellant society was not wholly and substantially financed by the government. 6.0 We have heard the rival submissions and perused the material available on record. The issue that arises for our consideration is whether the appellant society is e....