Law:

Section:

Section 10(23C)(vi) of the Income-tax Act, 1961 - Educational institutions - Assessment year 2008-09 - Whether a society would not be entitled to approval under section 10(23C)(vi) if in any of previous three years, relevant to assessment year for which approval is sought, investment/deposit is not in any one of modes and forms prescribed in section 11(5) necessitating conclusion that existence of applicant-society and application of its income is not solely for purpose of education - Held, yes - Whether investment/deposit in a chit fund is not one of modes of investment or deposit of money referred to in section 11(5) - Held, yes - Whether, therefore, where assessee-society had invested and contributed to a chit fund during preceding assessment year, i.e., 1997-98, and had thereby violated proviso to section 10(23C), its application for approval under section 10(23C)(iv) for assessment year 2008-09 was rightly rejected - Held, yes FACTS The assessee-society…

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