Chartered Accountants Research Foundation – Eligible for Exemption under Section 10(23C)(iv) of Income Tax Act – Delhi High Court

By Vijay Kumar

As per Section 10(23C)(iv) of the Income Tax Act,

any income received by any person on behalf of

any other fund or institution established for charitable purposes which may be approved by the prescribed authority, having regard to the objects of the fund or institution and its importance throughout India or throughout any State or States,

is not included in the total income.

Now is the ICAI ACCOUNTING RESEARCH FOUNDATION eligible for this exemption?

The AO did not think so. But the High Court did.

In a recent judgement, the Delhi High Court held that the Foundation is essentially established for the purpose of education and/or for advancement of any other project of general public utility and was eligible for the exemption under Section 10( 23C )(iv) of the Income Tax Act.

Click here for the High Court judgement.