Tax exemption notification requires exclusive application of income and restricts investments, with separate books for incidental business. Notification designates Wild Life Association of South India for the purpose of the specified sub-clause, subject to conditions: the association must apply or accumulate income wholly and exclusively to its objects; restrict investments and deposits to the modes permitted by law (excluding certain voluntary contributions held in kind); and exclude business income from the notification unless the business is incidental and recorded in separate books of account.
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 requires exclusive application of income and restricts investments, with separate books for incidental business.
Notification designates Wild Life Association of South India for the purpose of the specified sub-clause, subject to conditions: the association must apply or accumulate income wholly and exclusively to its objects; restrict investments and deposits to the modes permitted by law (excluding certain voluntary contributions held in kind); and exclude business income from the notification unless the business is incidental and recorded in separate books of account.
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