Tax exemption notification for a charitable institution requires exclusive application of income and restricted investment modes. Notification confers tax-exempt status on Govind Bhawan Karyalaya, Calcutta for specified assessment years subject to conditions: income must be applied or accumulated wholly and exclusively for institutional objects; investments or deposits (except voluntary contributions retained as jewellery, furniture etc.) are restricted to permitted modes; and exemption excludes business profits unless the business is incidental to institutional objectives and is maintained in separate books of account.
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.
Tax exemption notification for a charitable institution requires exclusive application of income and restricted investment modes.
Notification confers tax-exempt status on Govind Bhawan Karyalaya, Calcutta for specified assessment years subject to conditions: income must be applied or accumulated wholly and exclusively for institutional objects; investments or deposits (except voluntary contributions retained as jewellery, furniture etc.) are restricted to permitted modes; and exemption excludes business profits unless the business is incidental to institutional objectives and is maintained in separate books of account.
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