https://www.taxtmi.com/caselaws?id=76628 HC held that the CIT's refusal to grant approval under s.10(23C)(vi) was manifestly misconceived. The court found the two stated reasons for rejection to be erroneous and relied on precedent confirming that exemption eligibility is assessed annually and that an educational institution does not lose its character if an incidental surplus arises after meeting expenditure. The HC directed the CIT to grant the approval, noting the petitioner had previously claimed exemptions until AY 2004-05 and met the statutory tests for charitable educational status. en-us Thu, 06 May 2010 00:00:00 +0530 Fri, 29 Aug 2025 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76628 HC held that the CIT's refusal to grant approval under s.10(23C)(vi) was manifestly misconceived. The court found the two stated reasons for rejection to be erroneous and relied on precedent confirming that exemption eligibility is assessed annually and that an educational institution does not lose its character if an incidental surplus arises after meeting expenditure. The HC directed the CIT to grant the approval, noting the petitioner had previously claimed exemptions until AY 2004-05 and met the statutory tests for charitable educational status. Case-Laws Income Tax Thu, 06 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76628