2023 (6) TMI 1142 - SCH - Income Tax

Exemption u/s 10(22) denied - misutilisation of funds - remuneration paid to the wife and children of the managing trustee of the trust and the electricity bills towards his residence - As per HC Tribunal incorrectly held that exemption u/s 10(22) cannot be denied on the basis of the provisions of section 13(2B)(sic) of the Act and documentary evidence would clearly go to show that the receipts which are in the name of the trust and donation collected amounts to profit-making motive and it cannot be the object or the purpose of running a charitable educational institution HELD THAT - No good ground and reason to interfere with the impugned judgment and hence, the present appeal is dismissed.

Summary

The Supreme Court of India dismissed the appeal as they found no good ground to interfere with the impugned judgment. Pending applications were disposed of. (Case citation: 2023 (6) TMI 1142 - SC)