Dismissing the appeal of the revenue the Court held that , institution imparting education in Banking is entitle to exemption- Grant or refusal to grant exemption under S. 10(22) or 10 (23C) is not relevant . ( AY. 2008-09)
CIT v. Indian Institute Of Banking And Finance. (2018) 408 ITR 558/ 303 CTR 750 / 166 DTR 253(Bom) (HC) Editorial: Order in Indian Institute of Banking and Finance v. DDIT(E) (2015) 39 ITR 323 (Mum.)(Trib.) is affirmed.
S. 11 : Property held for charitable purposes–Institution imparting education in Banking is entitle to exemption- Grant or refusal to grant exemption under S. 10(22) or 10 (23C) is not relevant .[ S. 2(15), 10 (22),10 (23C), 12A ]