https://www.taxtmi.com/caselaws?id=450701 The Rajasthan HC allowed a petition challenging denial of exemption under Section 10(23C)(vi) for an educational trust. The revenue authorities had rejected the exemption solely based on year-to-year surplus generation. The HC relied on the Supreme Court's Queen's Educational Society judgment and CBDT Circular 14/2015, which clarified that mere surplus generation cannot be grounds for rejection if the entity operates solely for educational purposes. The court quashed the impugned order and remanded the matter to respondents for fresh consideration of the exemption application in light of the established legal precedent and clarificatory circular. en-us Thu, 07 Mar 2024 00:00:00 +0530 Mon, 11 Mar 2024 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450701 The Rajasthan HC allowed a petition challenging denial of exemption under Section 10(23C)(vi) for an educational trust. The revenue authorities had rejected the exemption solely based on year-to-year surplus generation. The HC relied on the Supreme Court's Queen's Educational Society judgment and CBDT Circular 14/2015, which clarified that mere surplus generation cannot be grounds for rejection if the entity operates solely for educational purposes. The court quashed the impugned order and remanded the matter to respondents for fresh consideration of the exemption application in light of the established legal precedent and clarificatory circular. Case-Laws Income Tax Thu, 07 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450701