High-spending b-school

We have all seen the full-page ads run by the business school, IIPM. Today's ET carries a report on the expenditure the school incurred on ads:

The high-profile Indian Institute of Planning and Management (IIPM), which spent a staggering Rs 49 crore on advertisements in 2004-06, did not pay either income tax or service tax for the two years. ....The institute incurred an expenditure of over Rs 17.28 crore and Rs 31.62 crore on advertisements during 2004-05 and 2005-06 respectively, but has not paid service tax, he (minister of state for finance S S Palanimanickam) said.