Charitable institution notification under section 10(23C)(v) conditions income application and restricted investments for exemption period. Notification designates The Bombay Salesian Society as qualifying under the charitable-institution exemption for specified assessment years subject to conditions: income must be applied wholly and exclusively to its objects or accumulated for them; investments and deposits (except certain voluntary contributions in specified forms) must be in permitted forms and modes; and business income is excluded unless incidental to objectives and maintained in separate books of account.
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.
Charitable institution notification under section 10(23C)(v) conditions income application and restricted investments for exemption period.
Notification designates The Bombay Salesian Society as qualifying under the charitable-institution exemption for specified assessment years subject to conditions: income must be applied wholly and exclusively to its objects or accumulated for them; investments and deposits (except certain voluntary contributions in specified forms) must be in permitted forms and modes; and business income is excluded unless incidental to objectives and maintained in separate books of account.
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