section 10(23c)

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Shrenik (Querist)
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11 July 2011 sir, my firm is an auditor of an educational institution which is sudstantially financed by state government, hence eligible for exemption u/s 10(23c), now the problem is in the current assessment year the gross receipts of the same institution have exceeded rs 1 crore, so whether we have to follow the criteria of sec 10(23c)(iiiab) or section 10(23c)(vi)
plz do needful

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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18 July 2011 On going through clauses (iiiab) and (vi) of section Section 10(23C) the only difference which emerges out - is regarding the approval by the prescribed authority, which is Chief Commissioner or Director General. Whether the institution is required to obtain such approval ? will be the only deciding factor, in my view.

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