Tax exemption for sports associations requires government approval plus strict income application, non distribution compliance, and audited accounts proof. Section 10(23) grants tax exemption to associations or institutions for specified sports only if three cumulative conditions are met: application or accumulation of income solely to the entity's sporting objects; prohibition on distribution of income to members except as grants to affiliated bodies; and approval by the Central Government. Government approval alone does not satisfy the other two conditions, and audited accounts must be filed with the Income tax Officer to demonstrate compliance.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption for sports associations requires government approval plus strict income application, non distribution compliance, and audited accounts proof.
Section 10(23) grants tax exemption to associations or institutions for specified sports only if three cumulative conditions are met: application or accumulation of income solely to the entity's sporting objects; prohibition on distribution of income to members except as grants to affiliated bodies; and approval by the Central Government. Government approval alone does not satisfy the other two conditions, and audited accounts must be filed with the Income tax Officer to demonstrate compliance.
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