Tax exemption notification grants conditional recognition to a charitable foundation, subject to income application and investment restrictions. Notification affords recognition under section 10(23C)(iv) to Medical Research Foundation, Madras, for specified assessment years, subject to conditions: (i) income must be applied or accumulated wholly and exclusively to its objects; (ii) funds must not be invested or deposited except in permitted forms (excluding certain voluntary-contribution movables); and (iii) exemption does not apply to business income unless the business is incidental 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.
Tax exemption notification grants conditional recognition to a charitable foundation, subject to income application and investment restrictions.
Notification affords recognition under section 10(23C)(iv) to Medical Research Foundation, Madras, for specified assessment years, subject to conditions: (i) income must be applied or accumulated wholly and exclusively to its objects; (ii) funds must not be invested or deposited except in permitted forms (excluding certain voluntary-contribution movables); and (iii) exemption does not apply to business income unless the business is incidental and accounted for in separate books.
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