Tribunal directed the Assessing Officer to examine the matter afresh keeping in mind that if some profits were generated from such activities, the assessee could be granted exemption provided the receipts from such profit do not exceed the quantitative limit of 20 per cent. in terms of the second proviso to section 2(15). Further, the prohibition against carrying on business or service of a commercial nature would not be attracted, if the quantum of such profits did not exceed 20 per cent. of the overall receipts. The matter is restored to the Assessing Officer to examine these facts.(AY.2011-12, 2012-13, 2018-19)
Dy. CIT (E) v. Nehru Centre (2024)116 ITR 40 (SN)(Mum)(Trib)
S. 11 : Property held for charitable purposes-Imparting education-Activities in nature of trade, commerce or business-Separate Books account and balance-sheet is not maintained-Matter remanded for verification. [S. 2(15), 11(4A),12, 12A 13(8)]
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