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“Solely” means ‘Only’ – Supreme Court on Scope of Exemption u/s 10(23C) October 28, 2022
Published in: TaxBuzz
DISCLAIMER: The material contained in this publication is solely for information and general guidance and not for advertising or soliciting. The information provided does not constitute professional advice that may be required before acting on any matter. While every care has been taken in the preparation of this publication to ensure its accuracy, Vaish Associates Advocates neither assumes responsibility for any errors, which despite all precautions, may be found herein nor accepts any liability, and disclaims all responsibility, for any kind of loss or damage of any kind arising on account of anyone acting/ refraining to act by placing reliance upon the information contained in this publication.
We are pleased to share with you a copy of our in-house publication – “TaxBuzz…”, wherein we have analysed the recent ruling of the Supreme Court in a batch of matters titled New Noble Education Society. The Supreme Court in the said ruling, has delved into aspects relating to registration of ‘education institutions’ under section 10(23C) of the Income Tax Act, 1961, specifically, the scope and meaning of the term “existing solely for educational purposes”. In their ultimate analysis and resulting conclusion, the Court has reached a view divergent from the earlier prevailing legal position thereby resulting in a significant shift in the legal position for the future.
The said ruling is likely to impact educational institutions and other charitable organisations, availing or seeking exemption/ registration under the beneficial provisions of section 10(23C) of the Income Tax Act, 1961, and thus, requires attention of such institutions.
We trust that you will find the same useful.
Looking forward to receiving your valuable feedback.
For any details and clarifications, please write to:
Mr. Rohit Jain: [email protected]
Mr. Aniket D. Agrawal: [email protected]
