An educational institution having annual receipts of 4.95 crore during the financial year 2023-24. The institution has claimed exemption under…
CA Final · Direct Tax Laws and International Taxation · PYQS · January 2026
An educational institution having annual receipts of 4.95 crore during the financial year 2023-24. The institution has claimed exemption under section 10(23C)(iiiad). The assessing office has denied the exemption on the grounds that the educational institution has not made any application to the prescribed authority for approval under the said section 10(23C)(iiiad). Examine the action of the assessing officer in denying the exemption.
Suggested Answer and Working Notes:
(ii) An educational institution would be eligible for exemption under section 10(23C)(iiiad), without the condition of approval, if the annual receipts of the educational institution does not exceed 5crore. In this case, action of the Assessing Officer in denying the exemption on the grounds that the institution has not made any application to the prescribed authority for approval under section 10(23C)(iiiad) is not correct.
Topics: Assessment of Trusts and Institutions, Political Parties and Other Special Entities
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