Section 10(23C) application Can’t be Rejected merely for Surplus generation

The Indian Institute of Banking & Finance Vs CIT (Exemp.) (ITAT Mumbai) The issue under consideration is whether rejection of approval u/s 10(23C) on the allegation of institution existing not solely for the purpose of education but for the purpose of profit is justified in law? In the present case, the nature and character of the assessee is that of a Charitable Institution. The assessee claiming itself to be an educational institution existing solely for educational purpose and not for the purpose of profit. The assessee sought approval of the competent authority for claiming exemption u...