Wednesday, September 21, 2011

Merely because surplus from educational activity, does not mean it is NOT from Educational Activity

 Merely because surplus has arisen to assessee during its educational activity does not mean that assessee is not existing solely for education purpose

Income-tax : If main object of an assessee is imparting of education and during course of imparting education, if some surplus has arisen to assessee, it cannot be said that assessees institution is not engaged for charitable purpose as defined under section 2(15) [Section 10(23C) Income-tax Act, 1961 - Charitable/religious institutions] - [2011] 10 taxmann.com 156 (Agra - ITAT)

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