https://www.taxtmi.com/caselaws?id=357973 An educational institution's eligibility for approval and exemption depends on whether its objects and governing material show that it exists solely for educational purposes and not for profit. A sponsoring body's role in constitution or control does not, by itself, establish a profit motive, and the statutory provision for vesting of assets on dissolution is not decisive on its own. The analysis emphasises that the financial statements, objects, and governing statute must be considered together; where they support a genuine educational purpose, denial of exemption on profit-motive grounds is not sustainable. en-us Fri, 23 Mar 2018 00:00:00 +0530 Tue, 03 Apr 2018 06:57:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357973 An educational institution's eligibility for approval and exemption depends on whether its objects and governing material show that it exists solely for educational purposes and not for profit. A sponsoring body's role in constitution or control does not, by itself, establish a profit motive, and the statutory provision for vesting of assets on dissolution is not decisive on its own. The analysis emphasises that the financial statements, objects, and governing statute must be considered together; where they support a genuine educational purpose, denial of exemption on profit-motive grounds is not sustainable. Case-Laws Income Tax Fri, 23 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357973