Tax exemption eligibility tied to exclusive application of income and prescribed investment modes for a charitable centre. Notification designates Yusuf Meherally Centre, Bombay as eligible under section 10(23C)(iv) for tax concession for specified assessment years provided the institution applies or accumulates income exclusively for its objects; restricts investments and deposits (except certain voluntary contributions) to modes in section 11(5); and excludes business profits unless the business is incidental to its objectives and 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 eligibility tied to exclusive application of income and prescribed investment modes for a charitable centre.
Notification designates Yusuf Meherally Centre, Bombay as eligible under section 10(23C)(iv) for tax concession for specified assessment years provided the institution applies or accumulates income exclusively for its objects; restricts investments and deposits (except certain voluntary contributions) to modes in section 11(5); and excludes business profits unless the business is incidental to its objectives and maintained in separate books.
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