Surplus does not mean trust ceases to be “solely for educational purposes and not for profit : Bombay HC

Decided by :-Bombay High Court, In the Case of :- Vanita Vishram Trust Vs. CCIT (Bombay High Court) The assessee-trust was a public charitable trust engaged in education of women. In the earlier years, the assessee was granted exemption u/s. 11, 10(22) & 10(23C)(vi). The assessee’s application for renewal of exemption u/s 10(23C)(vi) was rejected on the ground that (i) the objects permitted the non-educational object of constructing an ashram and (ii) the assessee had earned a surplus of over 12% from its activities and so was not existing “solely for educational purposes and not for ...