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!

1 Like 0 Dislike
Previous news Next news
Other news

Covid-19: BA.5.2 wreaks havoc with BF.7 in China, scientists worry – even those with booster dose are not safe from this

China has been the victim of a severe outbreak of the Corona epidemic for more than a month. Acco

IPL 2025 Auction: Venkatesh is ready to captain Kolkata Knight Riders, said- like to accept the challenge

Happy to be bought by his old franchise Kolkata Knight Riders (KKR) for Rs 23.75 crore in the IPL

Cyclone Remal: At some places trees and pillars were uprooted... at some places houses became debris, Cyclone 'Remal' left a trail of devastation in Bengal, one person lost his life

Cyclone 'Remal' has caused massive devastation after hitting the coasts of Bengal. This severe cy

UK PM Rishi Sunak reached Morari Bapu's Ram Katha, said- I have come as Hindu, not Prime Minister

United Kingdom Prime Minister Rishi Sunak on Tuesday attended a Ramayana recitation by spiritual

Crypto Exchange: Indian Origin Nishad Singh's Role in Fund Disappearance from FTX Exchange! Know who is he?

FTX, one of the world's largest crypto exchanges, applied for bankruptcy on Friday. People did no

IND vs. PAK: The fun of the India-Pakistan match in Asia Cup 2023 will no longer be grim, ACC took this big decision

India-Pakistan (IND vs. PAK) will clash for the second time in Asia Cup 2023 on September 10. Whe

Timing for bursting crackers on Diwali in Mumbai is fixed, know the BMC guidelines.

The increasing pollution in Mumbai has also become a matter of concern amidst the festival of Diw

Petrol Diesel Price Today: Oil companies have released the prices of petrol and diesel, know how much the prices are in your city

Petrol Diesel Price: Oil companies have released the prices of petrol and diesel for today. Today

Israel-Hamas War: 'If needed, Israel will stand alone', Netanyahu said on US threat to stop arms

A fierce war has been going on in the Gaza Strip for more than seven months. Meanwhile, the Israe

Ratan Tata Passes Away: Padma Vibhushan Ratan Tata was an example of philanthropy, the country will always remember him for these 4 reasons

Veteran industrialist and honorary head of Tata Sons, Ratan Tata is no more. He breathed his last

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash