Tribunal held that the assessee has not carried any activity other than educational purposes hence denial of exemption was not valid. The land sold was at fair market value hence approval cannot be denied. The Assessing Officer has not passed the order as per the direction of the High Court and hence the order is barred by limitation. (AY.2005-06 to 2012-13)
Roland Educational and Charitable Trust v. Dy.CIT (2021) 87 ITR 51 (Cuttack)(Trib.) Roland Institute of Pharmaceutical Science v. Dy.CIT (2021) 87 ITR 51 (Cuttack)(Trib.)
S. 10 (23C) : Educational institution-No activity carried on other than educational purposes-Exemption cannot be denied-land sold at fair market value-Approval cannot be denied-Direction of the High court was not followed-Order barred by limitation. [S. 10(23C)(vi), 12A, 147, 148]