Tax exemption notification for charitable institution requires exclusive application of income and specified permitted investments. Notification designates the National Foundation for Communal Harmony as eligible under tax exemption provisions for the specified assessment years, subject to conditions: income must be applied or accumulated wholly and exclusively for its objects; funds (except certain voluntary contributions kept as tangible items) must be invested only in authorised forms; and the notification does not apply to business profits unless the business is incidental to the foundation's objectives and is maintained 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 for charitable institution requires exclusive application of income and specified permitted investments.
Notification designates the National Foundation for Communal Harmony as eligible under tax exemption provisions for the specified assessment years, subject to conditions: income must be applied or accumulated wholly and exclusively for its objects; funds (except certain voluntary contributions kept as tangible items) must be invested only in authorised forms; and the notification does not apply to business profits unless the business is incidental to the foundation's objectives and is maintained in separate books.
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