Exemption u/s 10(23C) cannot be denied for generation of incidental surplus by educational institution

CA Sandeep Kanoi The assesse would be entitled to the approval under section 10(23C)(vi) of the Act, however if it was found that the funds of the assesse had not been utilized for its objects during the relevant year or had otherwise not complied with the provisos to the Section 10(23C) of the Act, the approval would be revoked at the end of the relevant year. Since, by virtue of its nature, the petitioner is entitled to an exemption, the same would also be available to the petitioner for the subsequent year(s). However the question whether the exemption is liable to be revoked would have to ...