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Pragathi Nagar Educational Society, Hyderabad Versus DIT (E) Hyderabad - 2013 (10) TMI 1077 - ITAT HYDERABAD - Income Tax
Definition charitable purposes . u/s. 2(15) of the Act - Exclusion of Element of profit Held that - Legislative intent disclosed in section 10(22) wherein it has been clearly provided that income of any educational institute cannot be exempted unconditionally if such institution also exists for deriving of profit. According to this provision, if any educational institution is running on commercial basis then income of such educational institution cannot be exempted from taxation. However, such i.......