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2009 (2) TMI 376 - HC - Income TaxExemption- There was a piece of land belonging to the petitioner-school-asses see at village Dhorka which was sold to a private builder on the plea that it would be hit by industrial zone. However, the builder has built flats on that area. Held that- for the grant of exemption/approval under section 10(23C)(vi) of the Income Tax Act, 1961, the basic requirement of sub-clause (vi) of clause (23C) of section 10 is that the educational institution seeking exemption should be existing solely for the purpose of education and not for the purpose of profit. Here the emphasis is laid on the word “solely”. On the facts it could not be said that the petitioner society and the educational institution run by it were existing solely for the purpose of education and not for the purpose of profit. Thus the application of the petitioner is liable to be rejected.
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