Surplus Income Does Not Deny Education Exemption if Institution Exists Solely for Educational Purpose

DCIT Vs University of Mumbai (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, adjudicated multiple appeals filed by the Revenue against orders passed by the National Faceless Appeal Centre (NFAC)/CIT(A) for assessment years 2006–07 to 2011–12. Since the issues across these appeals were identical and pertained to the same assessee, they were consolidated, with AY 2006–07 treated as the lead case. The core dispute revolved around the eligibility of the assessee, a university governed under the Maharashtra Universities Act, for exemption under Section 10(23C)(iiiab) of the In...