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2024 (5) TMI 703 - HC - Income TaxApproval u/s 10(23C) and 11 - requirement of the charitable institution society or trust etc. to solely engage itself in education or educational activities and not engage in any activity of profit - reference to business and profits in the seventh proviso to Section 10(23C) and Section 11(4A) - HELD THAT - In view of the fact that the Assessing Officer in his order reached to the conclusion that the Trust had claimed exemptions under Sections 10(23C)(iiiab) of the Income Tax Act 1961 as it is substantially financed by the Government receiving grant of Rs. 89, 19, 294/- against gross receipts of Rs.2, 66, 32, 390/- which is more that 20% and the expenditure of Rs.2, 56, 60, 780/- had been incurred by the Trust towards its aims and objects in carrying out activities in the field of education and the expenditures having been incurred with respect to that alone the exemptions were rightly granted. Thus we find that the order passed by the ITAT as well as the assessing officer do not require to be interfered with keeping in view the observations and directions passed by Hon ble the Supreme Court in New Noble Educational Society s case 2022 (10) TMI 855 - SUPREME COURT - Thus no substantial question of law arises in the present case.
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