https://www.taxtmi.com/caselaws?id=467590 A State-controlled textbook board was treated as an educational body because its objects were confined to preparing, publishing and distributing school textbooks to implement State education policy, and its governing structure was predominantly governmental; it was therefore held to exist solely for educational purposes and not for profit. The Tribunal also found that the board was wholly or substantially financed by the Government, as initial capital came from the State and relevant receipts were mainly derived from supply of books to Government schools under the State scheme; it therefore qualified for exemption under section 10(23C)(iiiab). On that basis, denial of exemption and taxation as an AOP could not stand. en-us Wed, 10 Apr 2019 00:00:00 +0530 Wed, 25 Mar 2026 14:55:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467590 A State-controlled textbook board was treated as an educational body because its objects were confined to preparing, publishing and distributing school textbooks to implement State education policy, and its governing structure was predominantly governmental; it was therefore held to exist solely for educational purposes and not for profit. The Tribunal also found that the board was wholly or substantially financed by the Government, as initial capital came from the State and relevant receipts were mainly derived from supply of books to Government schools under the State scheme; it therefore qualified for exemption under section 10(23C)(iiiab). On that basis, denial of exemption and taxation as an AOP could not stand. Case-Laws Income Tax Wed, 10 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467590