Supreme Court's big decision: profit-making educational institutions are not eligible for income tax exemption

Posted on 20th Oct 2022 04:54 pm by rohit kumar

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.

 

Also Read: Parle-G: The company is working on its expansion, and plans to buy this Polish company!

Other news

Vikas Bharat Sankalp Yatra: PM Modi will talk to the beneficiaries today, Union Ministers-MPs will also participate

Prime Minister Narendra Modi will interact with the beneficiaries of 'Vikas Bharat Sankalp Yatra'

Major action in Al-Falah University case: Chairman Javed Ahmed Siddiqui sent to 13-day ED remand; court convenes overnight

A special court in Delhi has remanded Javed Ahmed Siddiqui, chairman of the Al-Falah Group, to 13

Delhi Air Pollution: Apart from the mask, do this small measure to prevent pollution, dust particles will not be able to go inside

These days, the problem of air pollution is being seen in many cities in North India. The air in

Rinku-Priya Engagement: Rinku Singh and Priya Saroj danced fiercely after the engagement, and big names gathered at the ceremony;

Indian cricketer Rinku Singh has tied the knot. On Sunday, the star player got engaged to Samajwa

Will Jacks : RCB got a big blow, Will Jacks out of IPL 2023; Now the team's eye is on this unsold player

Now few days are left for IPL 2023 to start. Even before this, the team of Royal Challengers Bang

Impact of GST reforms, online shopping will increase by up to 115% during the festive season; a survey revealed this

The impact of the reforms made by the government in GST rates can be seen in the festive shopping

BJP vs Priyanka Gandhi: Gaza statement intensifies politics, BJP hits back at Priyanka, calling her female Ghazni

A political conflict has intensified between Congress leader Priyanka Gandhi Vadra and the BJP ov

ODI WC: ICC-Broadcaster earn huge money through World Cup, country's economy can increase by Rs 20 thousand crores

This time the Cricket World Cup is creating records on every front. Be it the number of broadcast

Yogi Adityanath: Descendants of Aurangzeb are driving rickshaws in Kolkata, said CM Yogi – messing with culture is not tolerated

Chief Minister Yogi Adityanath termed love jihad as a planned attack on Indian culture and warned

'I worked for 70 hours, but I cannot force anyone to do so', Narayan Murthy's new statement.

Infosys co-founder NRN Narayana Murthy has said that no one can be forced to work for long hours.