Tax exemption notification confirms charitable trust recognition, requiring exclusive application of income and permitted investments. Notification recognizes Indian People's Natural Calamities Trust for tax exemption under sub-clause (iv) of clause (23C) of section 10 for specified assessment years, subject to conditions: the trust must apply or accumulate income solely for its objects; invest or deposit funds only in modes permitted by section 11(5) (with an exception for voluntary contributions retained as jewellery, furniture, etc.); and business income is excluded unless incidental to the trust's objectives and accounted for in separate books.
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 confirms charitable trust recognition, requiring exclusive application of income and permitted investments.
Notification recognizes Indian People's Natural Calamities Trust for tax exemption under sub-clause (iv) of clause (23C) of section 10 for specified assessment years, subject to conditions: the trust must apply or accumulate income solely for its objects; invest or deposit funds only in modes permitted by section 11(5) (with an exception for voluntary contributions retained as jewellery, furniture, etc.); and business income is excluded unless incidental to the trust's objectives and accounted for in separate books.
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