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2018 (4) TMI 84 - AT - Income TaxRejection of the application filed u/s. 10(23C)(vi) - appellant university is a profit making university - appellant university is totally dependent upon Sponsoring Body and whenever the Sponsoring Body wants the University can be dissolved - Held that:- It is a fallacy to state that the appellant university has been constituted for profit motive. It is equally a fallacy to deny the exemption solely on the concern about the assets of the appellant university in the event of dissolution and what would be the fate of the assets created in the event of dissolution of university. The CIT(Exemption) has grossly erred in not considering the financials of the appellant company in the light of the specific directions of the Hon’ble High Court of Gujarat. The fees structure of the appellant university is related to the provisions of the State Government relating to admissions. It is provided that the means may be determined based on economic condition or the situation of the student. Considering the objects of the appellant university in the light of the relevant documentary evidences brought on record we are of the opinion that the appellant university is not established with the profit motive. Therefore, we do not find any reason for denying the exemption u/s. 10(23C)(vi) of the Act. - Decided in favour of assessee
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