Tax exemption for sports association granted subject to strict application, investment and business conditions for specified assessment years. Notification under clause (23) of section 10 notifies the Poona District and Metropolitan Badminton Association as eligible for exemption for specified assessment years, subject to conditions that income be applied or accumulated per section 11 (as modified), investments be confined to modes specified in section 11(5) (with limited exceptions for certain voluntary contributions), income not be distributed to members except as grants to affiliated bodies, and business profits qualify only if 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 for sports association granted subject to strict application, investment and business conditions for specified assessment years.
Notification under clause (23) of section 10 notifies the Poona District and Metropolitan Badminton Association as eligible for exemption for specified assessment years, subject to conditions that income be applied or accumulated per section 11 (as modified), investments be confined to modes specified in section 11(5) (with limited exceptions for certain voluntary contributions), income not be distributed to members except as grants to affiliated bodies, and business profits qualify only if incidental and accounted for in separate books.
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