Tax exemption under clause (23) conditioned on exclusive charitable application, permitted investments, and separate accounting for incidental business. The Central Government notifies The Federation of Motors Sports Clubs of India, Madras, for exemption under clause (23) of section 10 for assessment years 1992-93 to 1994-95, subject to conditions requiring exclusive application or permitted accumulation of income to declared objects, investment or deposit only in modes specified in section 11(5) (with limited exception for certain voluntary contributions retained as articles), prohibition on distribution of income to members except by grants to affiliated bodies, and exclusion of business income unless incidental 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 under clause (23) conditioned on exclusive charitable application, permitted investments, and separate accounting for incidental business.
The Central Government notifies The Federation of Motors Sports Clubs of India, Madras, for exemption under clause (23) of section 10 for assessment years 1992-93 to 1994-95, subject to conditions requiring exclusive application or permitted accumulation of income to declared objects, investment or deposit only in modes specified in section 11(5) (with limited exception for certain voluntary contributions retained as articles), prohibition on distribution of income to members except by grants to affiliated bodies, and exclusion of business income unless incidental and maintained in separate books.
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