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2009 (10) TMI 60 - SUPREME COURT
Educational Institution – section 10(22) of the 1961 Act - According to the AO, since the assessee, during the relevant years, had income exclusively from publication and selling of text books to the students, exemption under Section 10(22) as it stood at the material time, was not admissible. According to the AO, the assessee did not exist solely for educational purposes, particularly in view of Clause 21 of the Memorandum of Association which provides for distribution of dividends, hence, its income was not exempt – held that - the High Court, failed to consider (i) the historical background (ii) the source of funding, the share-holding pattern and aspects, such as Return on Investment; (iii) the letters issued by C.B.D.T. and (iv) the judgments – matter remanded back to AO instead of HC