Held, that merely because the assessee had generated profits out of the activity of publishing and selling school textbooks it did not cease carrying on the activity of education. The surplus amount earned was again ploughed back into the main activity of education. Therefore, the assessee was entitled for exemption under section 11. The Assessing Officer was directed to allow exemption with all consequential benefits. (AY.2011-12, 2012-13, 2014-15)
ACIT(E) v. Delhi Bureau of Text Books (2022) 93 ITR 411 (Delhi)(Trib.)
S. 11 : Property held for charitable purposes-Education-Publication of Text books and selling of school text books-Surplus income utilised for education-Entitled to exemption. [S. 2(15), 11(4A), 12]