https://www.taxtmi.com/caselaws?id=79043 Exemption under Section 10(23-B) depends on cumulative compliance with all statutory conditions. Approval by the Khadi and Village Industries Commission is not sufficient by itself; the institution must also establish that its income is applied, or accumulated for application, solely for the development of khadi or village industries or both. Because no finding was recorded on that separate requirement, the exemption could not be allowed. The Tribunal's order was set aside and the matter remanded for reconsideration on that issue. en-us Mon, 20 Sep 2010 00:00:00 +0530 Fri, 31 Dec 2010 16:26:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=79043 Exemption under Section 10(23-B) depends on cumulative compliance with all statutory conditions. Approval by the Khadi and Village Industries Commission is not sufficient by itself; the institution must also establish that its income is applied, or accumulated for application, solely for the development of khadi or village industries or both. Because no finding was recorded on that separate requirement, the exemption could not be allowed. The Tribunal's order was set aside and the matter remanded for reconsideration on that issue. Case-Laws Income Tax Mon, 20 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=79043