Allowing the petition the Court held that main object of assessee was in field of education as was stated in its Memorandum of association and Articles of association of assessee. The surplus generated by assessee was to be ploughed back for fulfilment and attainment of educational activities, denial of approval to assessee under section 10(23C)(vi) was not justified. (AY. 2010-11)
Bosco Educational Academy (P.) Ltd. v. Chief CIT (2021) 127 taxmann.com 776 /(2023) 332 CTR 43/224 DTR 131 (Mad)(HC)
S. 10(23C) : Educational institution-Cancellation of registration-Surplus generated by was to be ploughed back for fulfilment and attainment of educational activities-Denial of approval is not justified.[S. 10(23C(vi), 12AA(2), Art. 226]