Dear All,
As per section 10(23C)(iiiad), income received by a person by means of any university or any other educational institution existing solely for educational purposes and not for the purpose of profit and having aggregate annual receipts less than Rs. 1 Crore is exempt from income tax. When is an educational institution treated as "any other educational institution" as mentioned above? Whether it requires any recognition under regional board of studies or simple existence of building and carrying out of educational activities would mean that it is eligible for exemption under section 10(23C)(iiiad) of the income tax act, 1961? Please guide me... The assessee is a trust formed for imparting education through establishment of educational institutions. Please post appropriate references in the act or any case laws in this regard.
Thanks in Advance.
CAclubindia
