Sec. 10(22) exemption rightly rejected as assessee-society purchased property in name of secretary and manager

IT: Where assessee purchased property in name of Secretary and Manager of society for running a school, it could be concluded that acquisition of property in name of individuals was indicative of fact that profits of institution was being used for self aggrandizement and, thus, assessee's claim for exemption order section 10(22) was to be rejected

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