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2012 (12) TMI 497 - HC - Income TaxExemption under section 10(23C)(iiiad) - educational purpsoe - AO expressed only a doubt as to whether the assessee constituted initially to run a school with nursery and kindergarten class will qualify as such educational institution. - held that:- The Assessing Officer held that the assessee is not existing solely for educational purposes, but, at the same time, it clearly and in no uncertain terms recorded a finding that the assessee is running a school with Nursery and Kindergarten classes. No other existence of the assessee was noticed. Therefore, the conclusion would be that the assessee was existing for the purpose of running the said school with Nursery with Kindergarten classes and, accordingly, was existing solely for educational purposes and not for purposes of profit. If the existence of the assessee was not for the purposes of profit, but solely for educational purpose, then the receipts of the assessee, if the same did not exceed Rs. 1 crore per annum, will be outside the purview of total income as is the mandate contained in Section 10(23C)(iiiad) of the Act.
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