Tax exemption under section 10(23) granted with conditions on income application, permitted investments, distribution, and business income. Notification grants tax exemption under section 10(23) to the Maharashtra Cricket Association, Pune for assessment years 1992-93 to 1994-95 subject to conditions: apply or accumulate income solely for its objects as modified by sections 11(2) and 11(3); invest only in forms permitted by section 11(5) except permitted voluntary contributions; do not distribute income to members except as grants to affiliated institutions; and exclude business profits unless incidental with separate books maintained.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption under section 10(23) granted with conditions on income application, permitted investments, distribution, and business income.
Notification grants tax exemption under section 10(23) to the Maharashtra Cricket Association, Pune for assessment years 1992-93 to 1994-95 subject to conditions: apply or accumulate income solely for its objects as modified by sections 11(2) and 11(3); invest only in forms permitted by section 11(5) except permitted voluntary contributions; do not distribute income to members except as grants to affiliated institutions; and exclude business profits unless incidental with separate books maintained.
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