Friday, March 15, 2013

SECTION 10(23C): EXEMPTION TO CHARITABLE AND EDUCATIONAL INSTITUTIONS

The Bombay High Court has held that an incidental surplus which is utilized to upgrade library facilities of a college can't deprive the college of exemption under section 10(23C). Such incidental surplus doesn't mean that the college exists for the purposes of profit

The Agra ITAT bench has held that where assessee- institution did not exist solely for educational purpose and, moreover, donations received by it exceeded prescribed monetary limit of Rs 1 crore, its claim for exemption under section

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