Held that there is no obligation upon assessee to apply 85 percent of its gross income for claiming exemption under section 10(23C)(iiiad) of the Act. The Tribunal also held that the assessee has not claimed any part of income as exempt under section 11(1)(a) of the Act. Reassessment is quashed. (AY. 2007-08)
Holy Heart Education Society v. Dy.CIT (2023) 102 ITR 678 /223 TTJ 10 (UO)(Raipur)(Trib)
S. 147 : Reassessment-Educational institution-Application of 85 percent of gross income is not a requisite condition for exemption-Claiming exemption under section 10(23C)(iiiad)and not under section 11(1)(a)-Reassessment is not valid.[S. 10(23C)(iiiad), 11(1)(a), 12A]