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2017 (2) TMI 547 - AT - Income TaxEligibility for exemption under Section 10(23C)(iiiad) - Held that:- The assessee is running a college of pharmacy and as such engaged in the educational activities. The assessee has received fee of ₹ 74,24,840/- as mentioned in the income and expenditure account for the year ending 31st March, 2004. From the aforesaid facts, it is clear that the assessee is an educational institution which is duly recognized and registered, it has applied his income for the purposes of education and had not distributed any profit. Therefore, the assessee is eligible for exemption u/s 10(23C)(iiiad). And as the gross receipts of the assessee are less than ₹ 1 crore, so it is not required to get the approval from the income tax authority for claiming the exemption u/s 10(23C)(iiiad) of the Act. In our opinion, for getting the exemption under the said section, there is no condition that a registration u/s 12AA of the Act is required. Keeping in view the ratio laid down by the Hon’ble Apex Court in the aforesaid referred to case of Queens Educational Society Vs CIT (2015 (3) TMI 619 - SUPREME COURT ) are of the view that the ld. CIT was not justified in confirming the action of the AO for denying the exemption u/s 10(23C)(iiiad) of the Act to the assessee. Accordingly, the impugned order is set aside and the AO is directed to allow the claim of the assessee for exemption u/s 10(23C)(iiiad) of the Act.- Decided in favour of assessee
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