TMI Blog2009 (2) TMI 376X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . On the basis of the written submissions made by the assessee-petitioner the views of the Commissioner of Income-tax were obtained who had stated that both the Assessing Officer and the Additional Commissioner of Income-tax, Gurgaon, did not recommend the case of the petitioner-assessee for grant of exemption. Accordingly, the Commissioner did not recommend their case for exemption. There are cer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sum of Rs. 9,11,97,187 on January 23, 2007. There is a gross gain of Rs. 8,44,78,458. The major portion of the land was purchased on January 10, 2001, and the area of 9 kanals 6 marlas was purchased on November 21, 2003. The explanation furnished by the petitioner-assessee has been found to be unsatisfactory. In paragraph 7 the Chief Commissioner has further concluded that after purchasing 45 kana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion! approval under section 10(23C)(vi), 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'. Considering the facts of the present case in entirety as discussed above in the foregoing paras ..... X X X X Extracts X X X X X X X X Extracts X X X X
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