Section 10
Institute to be a distinct legal entity not-for-profit.
The Indian Institutes of Information Technology Act, 2014
About this Act
An Act to declare certain institutions of information technology to be institutions of national importance, with a view to develop new knowledge in information technology and to provide manpower of global standards for the information technology industry and to provide for certain other matters connected with such institutions or incidental thereto.
Each Institute shall be a not-for-profit
legal entity and no part of the surplus, if any, in revenue of such Institute, after meeting all expenditure in
regard to its operations under this Act, shall be invested for any purpose other than for the growth and
development of such Institute or for conducting research therein.