Tax exemption under section 10(23) conditioned on restricted investments, exclusive income application, no member distributions, and business limits. The Central Government notifies the Pune Tennis Mandal as eligible for tax exemption under clause (23) of section 10 for the specified assessment years, conditional on exclusive application or accumulation of income to its objects, investment of funds only in permitted modes (with limited exceptions for certain tangible voluntary contributions), prohibition on distribution of income to members except grants to affiliated bodies, and exclusion of business profits unless incidental to objects with separate books maintained.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption under section 10(23) conditioned on restricted investments, exclusive income application, no member distributions, and business limits.
The Central Government notifies the Pune Tennis Mandal as eligible for tax exemption under clause (23) of section 10 for the specified assessment years, conditional on exclusive application or accumulation of income to its objects, investment of funds only in permitted modes (with limited exceptions for certain tangible voluntary contributions), prohibition on distribution of income to members except grants to affiliated bodies, and exclusion of business profits unless incidental to objects with separate books maintained.
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