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2010 (6) TMI 68 - BOMBAY HIGH COURTStay of recovery - the Director of Income Tax (International Taxation) directed the petitioner (assessee) to furnish security to cover the demand - Section 10(23C)(vi) - The Supreme Court clarified that the petitioner had fulfilled the threshold condition of the actual existence of an educational institute under Section 10(23C)(vi) and consequently directed the Board not to reject the application for approval dated 7 April 1999 on that ground. - On 23 February 2009 an order was passed by the Deputy Director of Income Tax (International Taxation) making a demand for arrears of income-tax in the amount of Rs.10.48 crores for assessment years 2000-2001 to 2006-2007. The grievance of the petitioner is that the demand for arrears was made without complying with the directions of the Supreme Court, pursuant to which the Central Board of Direct Taxes was required to consider the application for approval under Section 10(23C)(vi) afresh in accordance with law. – Held that: the Central Board of Direct Taxes was justified in imposing a condition that a certain proportion (Seventy Five per cent) of the accounting income should be applied and utilized for educational purposes in India – stay of recovered ordered
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