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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Bhagini Samaj, Bombay, notified under Section 10(23C)(iv) for tax exemption; must adhere to specific income application rules.</h1> The Central Government has notified Bhagini Samaj, Bombay, under section 10(23C)(iv) of the Income-tax Act, 1961, for the assessment years 1990-91 to 1992-93. The notification stipulates that the organization must apply its income exclusively to its established objectives, and it cannot invest its funds outside the specified forms or modes under section 11(5), except for voluntary contributions maintained in forms like jewelry or furniture. Additionally, the notification excludes income from business profits unless the business supports the organization's objectives and separate accounts are maintained.
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