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2008 (2) TMI 312 - HC - Income TaxTrust - exemption u/s 10(22) – mere for the reason that assessee earned Rs. 9603 through sale of books, it cannot be construed that assessee didn’t exist solely for educational purposes but for the profit motive – if there is no change in activities, mode of investment/functioning, then exemption cannot be denied for any subsequent year – moreover in CBDT circular no. 712 there is no obligation that an education institution must invest its funds in the modes specified in section 11(5)
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