DIRECTOR OF INCOME TAX Vs. AHMEDABAD MANAGEMENT ASSOCIATION

JUDGEMENT

(1.) Being aggrieved and dissatisfied with the impugned judgment and order passed by the Income Tax Appellate Tribunal, 'D' Bench, Ahmedabad (hereinafter referred to as 'the tribunal') dated 22/03/2013 in ITA No. 159/Ahd/2013 for the Assessment Year 2009-10 by which the tribunal has allowed the said appeal preferred by the respondent-assessee holding that the activities of the assessee were in the filed of education and the assessee was eligible for exemption under Section 11(1) of the Income Tax Act (hereinafter referred to as 'the Act') and consequently quashed and set aside the order passed by the Assessing Officer confirmed by the Commissioner of Income Tax (Appeals) assessing the income of the assessee at Rs.1,42,11,129/- with the proposed following substantial question of law;

(2.) The assessee-Ahmedabad Management Association is a Public Charitable Trust, which is dedicated to pursue the objects of continuing education, training and research on various facets of management and related areas for the past 50 years. Various activities of the assessee and its revenues are highlighted by the Assessing Officer in paragraph 5 of the Assessment Order;

(3.) Shri Manish Bhatt, learned Counsel appearing on behalf of the appellant-revenue has vehemently submitted that the learned tribunal has materially erred in holding the issue in favour of the assessee and in holding that the activities of the assessee are in the filed of education and, therefore, the assessee is eligible for exemption under Section 11(1) of the Act. It is submitted that the present case is for the Assessment Year 2009-10 and, therefore, amendment to proviso under Section 2(15) of the Act would be applicable. It is further submitted that the activities of the assessee are profit making and, therefore, it cannot be said to be educational activity for charitable purpose, as defined under Section 2(15) of the Act and, therefore, the assessee is not eligible for exemption under Section 11 of the Act.