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2013 (10) TMI 431 - HC - Income TaxAllowability of benefit of the provisions of Section 10 (23-B) of the Act Held that:- Requires in sub-clause (i) of the proviso that the institution applies its income, or accumulates it for application, solely for the development of Khadi or village industries or both and sub-clause (ii) read with first proviso requires of taking an approval for the time being, for the purpose of this clause by the Khadi and Village Industries Commission In the present case, the requirement s are not fulfilled Benefit not allowed Decided in favor of Revenue.
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