Case Law Details
Case Name : Pinegrove International Charitable Trust Vs Union of India and others (Punjab and Haryana High Court at Chandigarh)
Related Assessment Year :
Courts :
All High Courts Punjab and Haryana HC
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S. 10(23C)(vi) provides that the income of any university or other educational institution existing solely for educational purposes and not for purposes of profit shall be exempt. The assessee was running a school solely for educational purposes and claimed exemption u/s 10 (23C) (vi).
The exemption was denied/ withdrawn on the ground that as the assessee had earned substantial profits year after year and had not made efforts to lower its fees, the profits we
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Depriciation will not be included as part of legitimate expense while calculating the 15% surplus. But you can calculate the expenditure incurred by total capital expenditure during the year.
Q1.Will depreciation be included as part of legitimate expense while calculating 15% surplus ?
Q2.If Education Society has contributed Financialy to Kargil War, Gujrat Earthquake, Orphanages,will this be taken other than education and a debar for Sec10(23C)(vi)?
Q3.Can society be covered under 10(23)(vi) and Sec11 ie Charitable