https://www.taxtmi.com/caselaws?id=376191 The Tribunal allowed both appeals in favor of the assessee, holding that the surplus generated by the society running a school was legitimate for charitable purposes and did not disqualify it from exemption under section 10(23C)(iiiad) of the Income Tax Act, 1961. The Tribunal deleted the addition of income and the penalty imposed under section 271(1)(c), emphasizing that the surplus did not indicate concealment or inaccuracies. The decision highlighted that activities like selling books and uniforms at reduced rates were part of the institution's educational purpose. en-us Tue, 26 Feb 2019 00:00:00 +0530 Mon, 08 Aug 2022 15:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376191 The Tribunal allowed both appeals in favor of the assessee, holding that the surplus generated by the society running a school was legitimate for charitable purposes and did not disqualify it from exemption under section 10(23C)(iiiad) of the Income Tax Act, 1961. The Tribunal deleted the addition of income and the penalty imposed under section 271(1)(c), emphasizing that the surplus did not indicate concealment or inaccuracies. The decision highlighted that activities like selling books and uniforms at reduced rates were part of the institution's educational purpose. Case-Laws Income Tax Tue, 26 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376191