https://www.taxtmi.com/caselaws?id=434249 The appellate court overturned the order of the Commissioner of Income Tax (Exemptions) under Section 263 of the Income Tax Act for the assessment year 2017-18. The court found that the trust, solely dedicated to operating an educational institution for philanthropic purposes, met all criteria under Section 10(23C)(iiiad) with no profit motive, allowing for exemption. The trust's activities, including not charging fees due to local poverty, aligning with educational objectives, and surplus accumulation for future development, were deemed compliant. The decision emphasized the importance of aligning activities with statutory provisions for accurate tax exemptions. en-us Fri, 17 Feb 2023 00:00:00 +0530 Mon, 20 Feb 2023 08:30:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434249 The appellate court overturned the order of the Commissioner of Income Tax (Exemptions) under Section 263 of the Income Tax Act for the assessment year 2017-18. The court found that the trust, solely dedicated to operating an educational institution for philanthropic purposes, met all criteria under Section 10(23C)(iiiad) with no profit motive, allowing for exemption. The trust's activities, including not charging fees due to local poverty, aligning with educational objectives, and surplus accumulation for future development, were deemed compliant. The decision emphasized the importance of aligning activities with statutory provisions for accurate tax exemptions. Case-Laws Income Tax Fri, 17 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434249