Exemptions under section 10 broadened to include foreign technical service fees and notified institutional exemptions under conditions. Amendments to section 10 insert exemptions for specified foreign companies receiving fees for technical services under government security projects, extend interest exemption on notified bonds held by non-resident Indians subject to foreign-exchange purchase and remittance conditions, and substitute clauses granting notified exemptions to approved scientific research associations, sports-promoting associations, and certain funds or trusts-each subject to application to a prescribed authority, documentation and audit scrutiny, exclusive application of income to objects, specified investment modes, limited notification duration, and segregation of incidental business income.
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Provisions expressly mentioned in the judgment/order text.
Exemptions under section 10 broadened to include foreign technical service fees and notified institutional exemptions under conditions.
Amendments to section 10 insert exemptions for specified foreign companies receiving fees for technical services under government security projects, extend interest exemption on notified bonds held by non-resident Indians subject to foreign-exchange purchase and remittance conditions, and substitute clauses granting notified exemptions to approved scientific research associations, sports-promoting associations, and certain funds or trusts-each subject to application to a prescribed authority, documentation and audit scrutiny, exclusive application of income to objects, specified investment modes, limited notification duration, and segregation of incidental business income.
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