Delhi High Court rules Shri Ram Education Foundation not charitable; profit-making activities disqualify. The High Court of Delhi dismissed the reference petition under section 256(2) of the Income-tax Act, ruling that the assessee, Shri Ram Education ...
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Delhi High Court rules Shri Ram Education Foundation not charitable; profit-making activities disqualify.
The High Court of Delhi dismissed the reference petition under section 256(2) of the Income-tax Act, ruling that the assessee, Shri Ram Education Foundation, does not qualify as a charitable institution due to engaging in profit-making activities. The court upheld the Tribunal's decision based on the trust deed's stipulation that income must be utilized for charitable, non-profit purposes.
The High Court of Delhi dismissed the reference petition under section 256(2) of the Income-tax Act, stating that the assessee, Shri Ram Education Foundation, is not a charitable institution as it runs an activity for profit. The trust deed specified that income should be used for charitable purposes, not for profit. The court referred to a Supreme Court judgment and upheld the Tribunal's decision.
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