C.I.T-II vs M/S KRISHI UTPADAN MANDI SAMITI

The Supreme Court ruled on the applicability of Section 10(23C)(iv) of the Income Tax Act, 1961, emphasizing that educational institutions must meet specific criteria to qualify for tax exemptions. The Court established that the primary purpose of the institution must be to provide education and not for profit, and that the income must be utilized for educational purposes. The appeals were dismissed, affirming the lower court's decision that the respondent was entitled to the exemption under the specified section.