Tax exemption under section 10(23) granted to an association, subject to income application, investment and accounting conditions. Notification designates Ratnagiri Zilla Bridge Association as eligible for exemption under clause (23) of section 10 for assessment years 1990-91 to 1992-93, conditioned on exclusive application or permitted accumulation of income to its objects, restricted forms of investment or retention of voluntary contributions, prohibition on distribution of income to members except by grants to affiliated bodies, and inapplicability of the exemption to business profits unless incidental to objectives with separate books maintained.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption under section 10(23) granted to an association, subject to income application, investment and accounting conditions.
Notification designates Ratnagiri Zilla Bridge Association as eligible for exemption under clause (23) of section 10 for assessment years 1990-91 to 1992-93, conditioned on exclusive application or permitted accumulation of income to its objects, restricted forms of investment or retention of voluntary contributions, prohibition on distribution of income to members except by grants to affiliated bodies, and inapplicability of the exemption to business profits unless incidental to objectives with separate books maintained.
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