Tax exemption under section 10(23C)(iv) conditioned on exclusive application of income and investment limits. Notification grants tax exemption under 10(23C)(iv) to Salesian Province of Calcutta for specified assessment years subject to three conditions: income must be applied or accumulated wholly and exclusively for its objects; funds must not be invested or deposited except in statutory permitted forms (excluding voluntary contributions held as jewellery, furniture, etc.); and the notification does not cover profits and gains of business unless the business is incidental and maintained 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 under section 10(23C)(iv) conditioned on exclusive application of income and investment limits.
Notification grants tax exemption under 10(23C)(iv) to Salesian Province of Calcutta for specified assessment years subject to three conditions: income must be applied or accumulated wholly and exclusively for its objects; funds must not be invested or deposited except in statutory permitted forms (excluding voluntary contributions held as jewellery, furniture, etc.); and the notification does not cover profits and gains of business unless the business is incidental and maintained in separate books.
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 
