Allowing the petition the Court held that the CIT  rejected the application only on the ground that by stating that the trust deed does not specifically  mention that the educational institution established by it not running for the purpose of profit. Assessee  contended that substance over form is required to be considered has not  been examined opportunity of being heard could also be afforded to the assessee when the assessee has come forward with the  plea that the funds are utilized for educational activities and the same is pursued as a charitable activity matter is remanded back to the Chief CIT with a direction to examine the entire financials of the assessee and take a decision on merits and in accordance with law.(AY. 2010-11, 2012-13).