Tax exemption notification under section 10(23C)(v) conditions application of income and investment rules for nonprofit. Notification designates Missionary Evangelism Society as eligible under section 10(23C)(v) for specified assessment years provided it applies or accumulates its income wholly and exclusively to its objects, restricts investment or deposit of funds except in legally specified forms (excluding voluntary contributions in kind), and excludes profits and gains of business from the notification unless the business is incidental to its objects and is maintained in separate books.
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 notification under section 10(23C)(v) conditions application of income and investment rules for nonprofit.
Notification designates Missionary Evangelism Society as eligible under section 10(23C)(v) for specified assessment years provided it applies or accumulates its income wholly and exclusively to its objects, restricts investment or deposit of funds except in legally specified forms (excluding voluntary contributions in kind), and excludes profits and gains of business from the notification unless the business is incidental to its objects and is maintained in separate books.
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