Exemption u/s. 10(23C)(vi) denied as hostel fees charged is significantly high: ITAT Ahmedabad

DCIT Vs Shree Vallabh Seva Kendra (ITAT Ahmedabad) ITAT Ahmedabad held that exemption under section 10(23C)(vi) of the Income Tax Act is admissible to the trust has exist solely for educational purpose, thus since the hostel fees charged by the trust is significantly high the activity amounts to ‘trade, commerce and business’ hence exemption denied. Facts- The Assessee is a Trust engaged in carrying out educational activities. The Assessee filed its Return of Income for the A.Y. 2018-19 on 30.10.2018, declaring total income at Nil, after claiming exemption u/s. 10(23C)(vi) for income of R...