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No sec. 10(23C)(vi) exemption if funds collected from students were taken away outside books of account

July 25, 2019[2019] 108 taxmann.com 385 (Madras)/[2019] 266 Taxman 105 (Madras)/[2019] 416 ITR 129 (Madras)
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INCOME TAX : Where Assessing Officer finding that funds collected from students admitted to institutions run by assessee were taken away outside books of account without even issuing receipts, rejected assessee's claim for exemption under section 10(23C)(vi), said finding being a finding of fact, did not require any interference

INCOME TAX : Where in course of search proceedings it was found that activities of assessee-trust were not carried out in accordance with objects specified in trust deed and, thus, notices were issued to assessee under sections 142(1) and 143(2) to bring relevant documents on record, since assessee did not comply with those notices despite grant of sufficient opportunities, impugned order passed by Assessing Officer under section 144 cancelling registration granted to assessee-trust under section 12AA, did not require any interference

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