https://www.taxtmi.com/caselaws?id=208956 The court allowed both writ petitions, quashing the rejection of exemption applications under Section 10(23C) (vi) of the Income Tax Act, 1961. The respondent was directed to reassess the eligibility for exemption, emphasizing that educational institutions need not operate 'solely' for education without any profit motive, and surplus income should be evaluated considering factors like depreciation and capital expenditure. The court highlighted the importance of the society's aims and objects, emphasizing its dedication to educational activities and development work, leading to the rejection orders being deemed erroneous. en-us Mon, 03 Oct 2011 00:00:00 +0530 Mon, 15 Oct 2018 15:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208956 The court allowed both writ petitions, quashing the rejection of exemption applications under Section 10(23C) (vi) of the Income Tax Act, 1961. The respondent was directed to reassess the eligibility for exemption, emphasizing that educational institutions need not operate 'solely' for education without any profit motive, and surplus income should be evaluated considering factors like depreciation and capital expenditure. The court highlighted the importance of the society's aims and objects, emphasizing its dedication to educational activities and development work, leading to the rejection orders being deemed erroneous. Case-Laws Income Tax Mon, 03 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208956