Tax exemption under section 10(23): conditional notification grants exemption to a cricket association subject to application and investment rules. Notification under section 10(23) grants the Coimbatore District Cricket Association conditional exemption for specified assessment years, requiring that income be applied or accumulated solely for the association's objects as governed by section 11 rules; investments be made only in permitted forms (excluding certain voluntary contributions retained as specified articles); income not be distributed to members except as grants to affiliated bodies; and business income be excluded from the exemption unless incidental to objectives with separate books maintained.
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): conditional notification grants exemption to a cricket association subject to application and investment rules.
Notification under section 10(23) grants the Coimbatore District Cricket Association conditional exemption for specified assessment years, requiring that income be applied or accumulated solely for the association's objects as governed by section 11 rules; investments be made only in permitted forms (excluding certain voluntary contributions retained as specified articles); income not be distributed to members except as grants to affiliated bodies; and business income be excluded from the exemption unless incidental to objectives with separate books maintained.
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