Tax exemption for charitable fund granted subject to exclusive application of income and restricted investment and business conditions. Notification designates Gujarat Chief Minister's Relief Fund as eligible under section 10(23C)(iv) for specified assessment years subject to conditions: the fund must apply or accumulate income wholly and exclusively to its objects; investments or deposits (except voluntary contributions retained in kind) must be only in the forms or modes permitted for charitable entities; and income that is business profit is excluded unless the business is incidental to objectives and separate books are 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 for charitable fund granted subject to exclusive application of income and restricted investment and business conditions.
Notification designates Gujarat Chief Minister's Relief Fund as eligible under section 10(23C)(iv) for specified assessment years subject to conditions: the fund must apply or accumulate income wholly and exclusively to its objects; investments or deposits (except voluntary contributions retained in kind) must be only in the forms or modes permitted for charitable entities; and income that is business profit is excluded unless the business is incidental to objectives and separate books are maintained.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
