Tax exemption under section 10(23) conditions eligibility for Himalayan Rally Association, limiting investments, distributions and business income. Notification under clause (23) of section 10 notifies the Himalayan Rally Association, Bombay as eligible for exemption for the assessment years 1991-92 to 1993-94 subject to conditions: income must be applied or accumulated pursuant to the modified section 11 provisions for the association's objects; investments must be limited to forms specified in section 11(5) except permitted tangible voluntary contributions; income distributions to members are prohibited except as grants to affiliated bodies; business profits are excluded unless incidental to objectives and recorded 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) conditions eligibility for Himalayan Rally Association, limiting investments, distributions and business income.
Notification under clause (23) of section 10 notifies the Himalayan Rally Association, Bombay as eligible for exemption for the assessment years 1991-92 to 1993-94 subject to conditions: income must be applied or accumulated pursuant to the modified section 11 provisions for the association's objects; investments must be limited to forms specified in section 11(5) except permitted tangible voluntary contributions; income distributions to members are prohibited except as grants to affiliated bodies; business profits are excluded unless incidental to objectives and recorded in separate books.
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