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2009 (5) TMI 41 - HC - Income TaxExemption u/s 10 (23C) - application for grant of approval of the prescribed authority u/s 10(23C)(vi) rejected by Chief Commissioner of Income Tax – petitioner assessee is a charitable institution which is engaged wholly for the purposes of education, especially when no material has been brought to prove that there was any element of personal profit - deposits/investments of surplus is permissible as per the proviso of Section 10(23C). Hence, assessee is entitled for the exemption u/s 10(23C)(vi) - impugned order is quashed
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