Tax exemption under section 10(23C)(v) granted subject to exclusive application of income and investment limits. Notification under section 10(23C)(v) notifies Govind Bhavan Karyalaya as eligible for the clause's tax-exempt status subject to conditions: the assessee must apply or accumulate income wholly and exclusively to its objects; must confine investments and deposits to permitted forms for charitable funds (with limited exceptions for certain voluntary contributions held in kind); and the notification does not cover business profits unless the business is incidental and maintained in separate books of account.
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 section 10(23C)(v) granted subject to exclusive application of income and investment limits.
Notification under section 10(23C)(v) notifies Govind Bhavan Karyalaya as eligible for the clause's tax-exempt status subject to conditions: the assessee must apply or accumulate income wholly and exclusively to its objects; must confine investments and deposits to permitted forms for charitable funds (with limited exceptions for certain voluntary contributions held in kind); and the notification does not cover business profits unless the business is incidental and maintained in separate books of account.
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