Tax exemption under section 10(23) granted subject to income application, permitted investments, distribution and business accounting requirements. Notification confers tax-exempt status on the Bombay Cricket Association for specified assessment years subject to conditions: income must be applied or accumulated as permitted for charitable purposes; investments or deposits are restricted to permitted forms except certain voluntary contributions retained in notified tangible forms; income must not be distributed to members except as grants to affiliated bodies; and business income is excluded from the notification unless incidental to objectives with 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 under section 10(23) granted subject to income application, permitted investments, distribution and business accounting requirements.
Notification confers tax-exempt status on the Bombay Cricket Association for specified assessment years subject to conditions: income must be applied or accumulated as permitted for charitable purposes; investments or deposits are restricted to permitted forms except certain voluntary contributions retained in notified tangible forms; income must not be distributed to members except as grants to affiliated bodies; and business income is excluded from the notification unless incidental to objectives with separate books of account.
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