Tax exemption under section 10(23C)(v) limited by conditions on income application, permitted investments and incidental business income. Notification grants tax exemption under 10(23C)(v) to Society of the Franciscan (Hospitaller) Sisters, Bombay for specified assessment years, subject to conditions: (i) income must be applied or accumulated wholly and exclusively for the society's objects; (ii) funds must be invested or deposited only in forms specified by subsection (5) of section 11 except certain voluntary contributions held as jewellery, furniture, etc.; and (iii) the exemption does not cover business income unless the business is incidental to the objects and is maintained in separate books.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption under section 10(23C)(v) limited by conditions on income application, permitted investments and incidental business income.
Notification grants tax exemption under 10(23C)(v) to Society of the Franciscan (Hospitaller) Sisters, Bombay for specified assessment years, subject to conditions: (i) income must be applied or accumulated wholly and exclusively for the society's objects; (ii) funds must be invested or deposited only in forms specified by subsection (5) of section 11 except certain voluntary contributions held as jewellery, furniture, etc.; and (iii) the exemption does not cover business income unless the business is incidental to the objects and is maintained in separate books.
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