Amendment of tax exemptions narrows specified securities eligibility and empowers withdrawal of approvals for non-compliant institutions. Amendments to section 10 remove specified sub-clauses, restrict the Central Government's ability to specify exempt securities and bonds to those issued or agreements made before the cut-off, and add mechanisms allowing authorities to withdraw approvals or rescind notifications where approved associations, institutions, funds or news agencies fail to apply or invest income properly, accumulate income improperly, or carry out non-genuine activities, after affording a reasonable opportunity to show cause.
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Provisions expressly mentioned in the judgment/order text.
Amendment of tax exemptions narrows specified securities eligibility and empowers withdrawal of approvals for non-compliant institutions.
Amendments to section 10 remove specified sub-clauses, restrict the Central Government's ability to specify exempt securities and bonds to those issued or agreements made before the cut-off, and add mechanisms allowing authorities to withdraw approvals or rescind notifications where approved associations, institutions, funds or news agencies fail to apply or invest income properly, accumulate income improperly, or carry out non-genuine activities, after affording a reasonable opportunity to show cause.
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