An educational institution whose annual receipts were below the prescribed monetary limit was entitled to exemption under section 10(23C)(iiiad) notwithstanding the absence of registration under section 12A. Cash deposits made during the demonetisation period, being lower than the fees received from students, were rightly treated as educational receipts and not business income. In the absence of any material to show that the institution did not exist solely for educational purposes, the addition was deleted. (AY. 2017-18)