Honourable Supreme Court in Queens Educational Society vs. CIT has held that mere surplus does not mean institution is existing for making profit. The predominant object test must be applied. The AO must verify the activities of the institution from year to year to allow exemption u/s 10(23C)(v) & (vi) – (2015-ITRV-SC-154)
Supreme court verdict on profits of charitable institutions
About eMinds Legal
eMinds Legal
eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.
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