Exemption u/s 10(23)(iiiad) cannot be denied for mere surplus 

New Amazing Shiksha Society Vs. ITO (Exemption (Ward) (ITAT Delhi) Exemption u/s 10(23)(iiiad) of the Income Tax Act, 1961 should not be denied to the assessee as selling of books and uniform to the students of assessee is part of educational activity only. Moreover, the impugned addition was made merely on the basis that surplus arises to the assessee during the year under consideration without appreciating that the surplus is merely 12% which is considered as legitimate for charitable purposes. Thus, the addition of Rs. 12,01,906/- is not tenable, hence, the same is deleted as such and accor...