DY. COMMISSIONER OF INCOME TAX (EXEMPTION)-2(1), MUMBAI vs. NATIONAL INSTITUTE OF BANK MANAGEMENT, MUMBAI

ITA 1192/MUM/2023Status: DisposedITAT Mumbai26 July 2023AY 2018-197 pages
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What did the Tribunal hold?

The Tribunal followed a coordinate bench's decision in the assessee's own case for earlier years, holding that the assessee is an educational institute and the proviso to Section 2(15) does not apply. The Tribunal also directed the AO to examine the Section 10(23C) approval and compute income under Section 11.

What were the facts?

The assessee, a trust registered under Section 12A and approved under Section 10(23C)(iv), claimed exemption under Section 11. The Assessing Officer denied exemption, holding the proviso to Section 2(15) applicable. The CIT(A) allowed exemption under Section 11, but dismissed the claim under Section 10(23C). Both parties appealed.

What were the issues?

Whether the assessee is engaged in an activity of general public utility to which the proviso to Section 2(15) applies, and whether it is eligible for exemption under Section 10(23C).

Which sections of the Income-tax Act were involved?

Section 2(15),Section 11,Section 10(23C)

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Income Tax Appellate Tribunal, “B” BENCH,

Before: SHRI PRASHANT MAHARISHI, AM & SHRI NARENDER KUMAR CHOUDHRY, JM

For Appellant: Shri S. Ananthan
For Respondent: Shri Suresh Gaikwad, DR
Hearing: 06.07.2023Pronounced: 26.07.2023

PER PRASHANT MAHARISHI, AM:

01.

ITA No.757/Mum/2023 filed by the National Institute of Banking Management [ Assessee] and ITA No.1192/Mum/2023 is filed by the Dy. Commissioner of Income-tax (Exemption) 2(1), Mumbai, [the learned Assessing Officer] for A.Y. 2018-19 against the appellate order passed by the National Faceless Appeal Centre, Delhi [the learned CIT (A)] dated 15th February, 20

The order continues below.

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