Income tax notification for educational trust mandates exclusive application of income and restricted permitted investments. Notification grants tax recognition to Bharatiya Vidya Bhavan, Bombay under sub clause (iv) of clause (23C) of section 10 for specified assessment years, conditioned that income be applied or accumulated exclusively for the institution's objects; investments or deposits of funds are limited to modes specified in section 11(5) (excluding ordinary funds except permitted tangible forms for voluntary contributions); and business income is excluded unless incidental to the objects and accounted for 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.
Income tax notification for educational trust mandates exclusive application of income and restricted permitted investments.
Notification grants tax recognition to Bharatiya Vidya Bhavan, Bombay under sub clause (iv) of clause (23C) of section 10 for specified assessment years, conditioned that income be applied or accumulated exclusively for the institution's objects; investments or deposits of funds are limited to modes specified in section 11(5) (excluding ordinary funds except permitted tangible forms for voluntary contributions); and business income is excluded unless incidental to the objects and accounted for in separate books.
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 
