Tax exemption notification requires nonprofit to apply income solely to objects, restrict investments, prohibit member distributions, and limit business income. The Central Government notifies the Gujarat Cricket Association for exemption under clause (23) of section 10 subject to conditions: income must be applied or accumulated exclusively for its objects in accordance with section 11 as modified; non-voluntary funds may not be invested in jewellery, furniture or other Board-notified articles and must be held only in modes specified in section 11(5); income must not be distributed to members except as grants to affiliated bodies; and business profits are excluded unless incidental and separately accounted for.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption notification requires nonprofit to apply income solely to objects, restrict investments, prohibit member distributions, and limit business income.
The Central Government notifies the Gujarat Cricket Association for exemption under clause (23) of section 10 subject to conditions: income must be applied or accumulated exclusively for its objects in accordance with section 11 as modified; non-voluntary funds may not be invested in jewellery, furniture or other Board-notified articles and must be held only in modes specified in section 11(5); income must not be distributed to members except as grants to affiliated bodies; and business profits are excluded unless incidental and separately accounted for.
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