Tax exemption recognition for a sports association subject to strict income application, investment limits, and distribution prohibitions. Notification recognizes The Tamil Nadu Tennis Association, Madras under clause (23) of section 10 subject to conditions: income must be applied or accumulated exclusively for its objects under section 11(2) and (3) as modified; investments or deposits are limited to forms specified in section 11(5) (with an exception for voluntary contributions retained as notified articles); income may not be distributed to members except as grants to affiliated bodies; business profits are excluded unless incidental to the objects and kept in separate books.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption recognition for a sports association subject to strict income application, investment limits, and distribution prohibitions.
Notification recognizes The Tamil Nadu Tennis Association, Madras under clause (23) of section 10 subject to conditions: income must be applied or accumulated exclusively for its objects under section 11(2) and (3) as modified; investments or deposits are limited to forms specified in section 11(5) (with an exception for voluntary contributions retained as notified articles); income may not be distributed to members except as grants to affiliated bodies; business profits are excluded unless incidental to the objects and kept in separate books.
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