Charitable exemption eligibility clarified: applying income wholly and permitted investments can satisfy notification requirements under tax law. An institution that applies its income wholly and exclusively to its objects or accumulates it for application, and that invests surplus in the modes permitted by law, is eligible for notification under the relevant provision, provided other statutory conditions are met; the requirement to apply a specified percentage of income within the same year is not a prerequisite for notification.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Charitable exemption eligibility clarified: applying income wholly and permitted investments can satisfy notification requirements under tax law.
An institution that applies its income wholly and exclusively to its objects or accumulates it for application, and that invests surplus in the modes permitted by law, is eligible for notification under the relevant provision, provided other statutory conditions are met; the requirement to apply a specified percentage of income within the same year is not a prerequisite for notification.
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