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2018 (11) TMI 633 - AT - Income TaxExemption u/s 10(23C)(iiiad) eligibility - exemption u/s 11 - Disallowance of Excess of income over expenditure - institution existing solely for educational purposes - whether assessee is eligible for exemption u/s 10(23C)(iiiad) because the gross receipt of each institution is less than ₹ 1 crore? - Held that:- The judgment of CIT vs. Children’s Education Society [2013 (7) TMI 519 - KARNATAKA HIGH COURT] clearly holds that the gross receipt of each of the Institute/University/ Educational Institution which solely existing for educational purpose if less than the prescribed limit) which in this case is ₹ 1 crore) there is no need for getting the approval from the competent authority and the Income of such institution is exempt u/s 10(23C)(iiiad). Thus the issue of verification of gross receipts of various institutions run by the assessee society needs to be verified at the end of the A.O and if the contentions of the assessee are found to be correct as submitted before us and the A.O is also satisfied that all the institutions run by the assessee are existing solely for educational purposes and not for the purpose of profit coupled with the fact that the aggregate receipt of such institution is less than ₹ 1 crore then the AO may consider to grant the benefit of exemption u/s 10(23C)(iiiad) of the Act. - Decided in favour of revenue for statistical purposes.
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