Supreme Court Allows Appeals of Educational Societies in Income Tax Exemption Case Under Section 10(23C)(iiiad) of Income Tax Act, 1961 — Surplus from Educational Activities Held Not to Be Income for Profit. The court held that the generation of surplus by an educational institution does not automatically indicate a profit motive, and the exemption under Section 10(23C)(iiiad) is available if the surplus is applied for educational purposes....
The case involves appeals by educational societies and the revenue against judgments of the Uttarakhand High Court and Punjab and Haryana High Court concerning the interpretation of Section 10(23C)(ii...
