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2007 (9) TMI 347 - HC - Income Tax
Exemption under section 10(23C)(iiiad) - assessee are educational societies registered under the Societies Registration Act and have been imparting education to children. - It was also noticed that the appellant-society had made investment in fixed assets including building and a net surplus after the investment – Held that the investment in the fixed assets like furniture and buildings are the properties of the society and may be connected with the imparting of education but the same has been constructed and purchased out of income from imparting the education with a view to expand the institution and to earn more income. - Exemption under section 10(23C) (iiiad) not available