Tax exemption for charitable association subject to application, investment, distribution and accounting conditions. Notification designates The Bombay Hockey Association Limited as a notified charitable entity under section 10(23), subject to conditions: income must be applied or accumulated exclusively for its objects under the modified section 11 rules; investments limited to forms permitted by section 11(5) except certain notified tangible retention of voluntary contributions; no distribution of income to members except grants to affiliated bodies; business profits excluded unless incidental to objectives and maintained in separate books.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption for charitable association subject to application, investment, distribution and accounting conditions.
Notification designates The Bombay Hockey Association Limited as a notified charitable entity under section 10(23), subject to conditions: income must be applied or accumulated exclusively for its objects under the modified section 11 rules; investments limited to forms permitted by section 11(5) except certain notified tangible retention of voluntary contributions; no distribution of income to members except grants to affiliated bodies; business profits excluded unless incidental to objectives and maintained in separate books.
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