https://www.taxtmi.com/caselaws?id=63039 Exemption under section 10(22) for an educational institution depends on two cumulative requirements: the institution must exist solely for educational purposes and must not exist for profit. The decisive test is the institution's overall object and manner of functioning, so incidental surplus or accumulation of funds for expansion does not by itself disqualify it. However, sustained commercial surplus, investment activity, property dealings, and other non-educational transactions may indicate a profit motive and defeat the exemption. The text also notes that where exemption is unavailable, the assessee must file returns and may fall within the block assessment regime; a procedural objection based on lack of opportunity before approval was rejected. en-us Fri, 25 Jun 2004 00:00:00 +0530 Thu, 27 Jan 2011 14:50:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63039 Exemption under section 10(22) for an educational institution depends on two cumulative requirements: the institution must exist solely for educational purposes and must not exist for profit. The decisive test is the institution's overall object and manner of functioning, so incidental surplus or accumulation of funds for expansion does not by itself disqualify it. However, sustained commercial surplus, investment activity, property dealings, and other non-educational transactions may indicate a profit motive and defeat the exemption. The text also notes that where exemption is unavailable, the assessee must file returns and may fall within the block assessment regime; a procedural objection based on lack of opportunity before approval was rejected. Case-Laws Income Tax Fri, 25 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63039