The Supreme Court on Wednesday said in a major judgment that educational institutions will not be entitled to approval under Section 10(23C) of the Income Tax Act, where their object appears to be profit-oriented. The IT Act i.e. Section 10 of the Income Tax Act exempts certain classes of income from taxation. During the hearing of the matter, a bench headed by Chief Justice UU Lalit observed that one of the issues which needed to be resolved in this matter was the correctness of the word 'sole' in section 10(23C)(vi) of the Income Tax Act. The meaning is related to, that is, exempt income because the university or other educational institution concerned exists only for educational purposes and not for profit purposes.
The Supreme Court said, where the object of the institution appears to be profit-oriented, such institution shall not be entitled to approval under section 10 (23C) of the IT Act.
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