Delhi HC grants approval u/s 10(23C) to ICAI

Exemption u/s 10(23C)(iv) allowed to Institute of Chartered Accountants of India in absence of profit motive in its activities; Existence of ‘profit motive’ would be a vital indicator in determining whether an organisation is carrying on business or not; ICAI’s activities of conducting coaching and campus placements integral to main activity of promoting accountancy courses; Directs DGIT(E) to recognise ICAI as an institution established for charitable purposes; Co-ordinate bench earlier ruling in ICAI own case and Bureau of Indian Standards relied upon : Delhi HC in The Institute of Chartered Accountants of India & Anr (view complete judgement in ICAI-Exemption-Delhi HC