Charitable trust notification grants tax-exempt status subject to income application, permitted investments, and separate books for incidental business. Notification under 10(23C)(iv) designates Atma Vallabh Samaj Utkarsh Trust, Bombay as eligible for exemption for assessment years 1989-90 to 1991-92, subject to conditions: apply income wholly and exclusively to objects or accumulate for application; restrict investments and deposits to permitted forms except specified voluntary contributions; and exclude business profits unless business is incidental to objectives with 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 trust notification grants tax-exempt status subject to income application, permitted investments, and separate books for incidental business.
Notification under 10(23C)(iv) designates Atma Vallabh Samaj Utkarsh Trust, Bombay as eligible for exemption for assessment years 1989-90 to 1991-92, subject to conditions: apply income wholly and exclusively to objects or accumulate for application; restrict investments and deposits to permitted forms except specified voluntary contributions; and exclude business profits unless business is incidental to objectives with separate books of account.
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 
