Tax exemption recognition permits status subject to exclusive application of income, permitted investments, and incidental business limits. Notification grants tax-exemption recognition to Indian National Theatre for the specified assessment years, conditioned on the assessee applying or accumulating income wholly and exclusively to its objects; restricting investments or deposits to statutory permitted forms (except for voluntary contributions maintained as jewellery, furniture, etc.); and excluding profits and gains of business from the notification unless the business is incidental to the objects and separate books of account are maintained.
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 recognition permits status subject to exclusive application of income, permitted investments, and incidental business limits.
Notification grants tax-exemption recognition to Indian National Theatre for the specified assessment years, conditioned on the assessee applying or accumulating income wholly and exclusively to its objects; restricting investments or deposits to statutory permitted forms (except for voluntary contributions maintained as jewellery, furniture, etc.); and excluding profits and gains of business from the notification unless the business is incidental to the objects and separate books of account are maintained.
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