Tax exemption under section 10(23) conditions association income use, investment limits, distribution ban, and business accounting. Notification under section 10(23) qualifies the Squash Rackets Association of Maharashtra for exemption subject to conditions: income must be applied or accumulated exclusively for its objects under the applicable accumulation rules; funds and voluntary contributions must be held or invested only in permitted forms or modes; income must not be distributed to members except as grants to affiliated associations or institutions; and business income is excluded unless incidental to objectives with separate books 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 under section 10(23) conditions association income use, investment limits, distribution ban, and business accounting.
Notification under section 10(23) qualifies the Squash Rackets Association of Maharashtra for exemption subject to conditions: income must be applied or accumulated exclusively for its objects under the applicable accumulation rules; funds and voluntary contributions must be held or invested only in permitted forms or modes; income must not be distributed to members except as grants to affiliated associations or institutions; and business income is excluded unless incidental to objectives with separate books maintained.
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