Tax exemption under Section 10(23) conditioned on exclusive application of income and restricted investment and distribution practices. Notification grants tax-exempt status to Panjim Gymkhana subject to conditions: income must be applied or accumulated in accordance with statutory application and accumulation rules and devoted wholly and exclusively to its objects; investments and deposits are restricted to permitted forms, with a specified exception for voluntary contributions maintained in tangible forms; distribution to members is prohibited except grants to affiliated bodies; business income is excluded unless incidental and separately accounted for.
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 under Section 10(23) conditioned on exclusive application of income and restricted investment and distribution practices.
Notification grants tax-exempt status to Panjim Gymkhana subject to conditions: income must be applied or accumulated in accordance with statutory application and accumulation rules and devoted wholly and exclusively to its objects; investments and deposits are restricted to permitted forms, with a specified exception for voluntary contributions maintained in tangible forms; distribution to members is prohibited except grants to affiliated bodies; business income is excluded unless incidental and separately accounted for.
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