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No sec. 10(23C) exemption to a profitable venture which was making huge profits year after year

August 9, 2018[2018] 96 78 (Chennai - Trib.)

IT : When assessee-institution made huge profits year after year, findings recorded by lower authorities that assessee was running a profitable venture, during impugned years and was not eligible to section 10(23C) exemption, was justified

IT : When assessee's activities or purposes are considered as existing for purposes of profit, its claim under section 11 that it is existing for 'charitable purposes' within scope of section 2(15) also fails

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