On appeal, the High Court held that the amount of receipt during the assessment years in question exceeded more than Rs. 1 crore, and the assessee-school utilised the amount for purchase of land for further extension of school building, which was for educational purpose only; exemption under S. 10(23C)(vi) was rightly granted to the assessee. (AY. 2015-2016)
CIT(E) v. Managing Committee, Arya High School (2018) 304 CTR 548 / 168 DTR 257 (P&H)(HC)
S. 10(23C) : Educational institution–Accumulation income-Educational purposes-Assessee-school’s utilization of the amount of receipts (exceeding one crore) for purchase of land for further extension of school building, is to be considered for educational purpose only, hence, exemption is eligible.[S.10(23C)(vi)]