https://www.taxtmi.com/caselaws?id=14847 The Tribunal held that a society running educational institutions, including a primary school, qualified for exemption under section 10(22) of the Income-tax Act, 1961. The primary school's income, though substantial, was utilized for educational purposes, not for profit, meeting the exemption criteria. The judgment clarified that surplus income does not equate to profit if used for educational advancement. The society's adherence to its memorandum of association and proper income utilization were pivotal in establishing eligibility for exemption. en-us Mon, 21 Aug 2000 00:00:00 +0530 Thu, 23 Jul 2009 16:08:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14847 The Tribunal held that a society running educational institutions, including a primary school, qualified for exemption under section 10(22) of the Income-tax Act, 1961. The primary school's income, though substantial, was utilized for educational purposes, not for profit, meeting the exemption criteria. The judgment clarified that surplus income does not equate to profit if used for educational advancement. The society's adherence to its memorandum of association and proper income utilization were pivotal in establishing eligibility for exemption. Case-Laws Income Tax Mon, 21 Aug 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14847