Denial of deduction u/s 10(23C)(iiiad) on account of running school for profit motive

ITO(Exemption) Vs M/s Vidya Bharti Samiti (ITAT Jaipur) Conclusion: Sharing of the profit or income under the agreement between the parties and assessee and 80% of the income was going to the commercial entities clearly established the intention of the parties in this arrangements being for profit were not solely for providing education, therefore, the benefit of Section 10(23C)(iiiad) was not available to assessee. Held: Assessee- society was running two schools in the name Tree House High School for Girls and Tree House High School for Boys both in Jaipur. It had applied for registration U/s...