Tax exemption under section 10(23) granted with conditions restricting investment and distribution of income for the association. Notification under clause (23) of section 10 notifies the Orissa Cricket Association, Cuttack for assessment years 1991-92 to 1993-94 subject to conditions: apply or accumulate income in accordance with sub-sections (2) and (3) of section 11 as modified; prohibit investment of funds (other than voluntary contributions) in specified tangible articles except in modes permitted by sub-section (5) of section 11; forbid distribution of income to members except grants to affiliated bodies; and exclude business income unless incidental and kept 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 under section 10(23) granted with conditions restricting investment and distribution of income for the association.
Notification under clause (23) of section 10 notifies the Orissa Cricket Association, Cuttack for assessment years 1991-92 to 1993-94 subject to conditions: apply or accumulate income in accordance with sub-sections (2) and (3) of section 11 as modified; prohibit investment of funds (other than voluntary contributions) in specified tangible articles except in modes permitted by sub-section (5) of section 11; forbid distribution of income to members except grants to affiliated bodies; and exclude business income unless incidental and kept in separate books.
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