Charitable institution recognition permits tax exemption if income is applied exclusively, investments limited, and business incidental. Notification recognizes The NAB Lions Home for Aging Blind, Bombay under section 10(23C)(iv) for specified assessment years, subject to conditions: income must be applied or accumulated wholly and exclusively for its objects; investments and deposits are restricted to permitted modes (with an exception for voluntary contributions retained as jewellery or furniture); and the notification does not cover business income unless the business is incidental to the objectives and separate books of account are 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.
Charitable institution recognition permits tax exemption if income is applied exclusively, investments limited, and business incidental.
Notification recognizes The NAB Lions Home for Aging Blind, Bombay under section 10(23C)(iv) for specified assessment years, subject to conditions: income must be applied or accumulated wholly and exclusively for its objects; investments and deposits are restricted to permitted modes (with an exception for voluntary contributions retained as jewellery or furniture); and the notification does not cover business income unless the business is incidental to the objectives and separate books of account are maintained.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
