Charitable trust recognition permits conditional tax exemption subject to exclusive application of income and restrictions on investments. Notification recognizes Hazrat Pir Mohammed Shah Dargah Sharif Trust as eligible for the specified exemption category for the designated assessment years, subject to conditions: the trust must apply or accumulate its income exclusively to its objects; restrict investments and deposits except in authorised modes and for voluntary contributions retained as jewellery or furniture; and the exemption excludes business income unless the business is incidental to the trust's objectives and separate books of account are maintained.
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.
Charitable trust recognition permits conditional tax exemption subject to exclusive application of income and restrictions on investments.
Notification recognizes Hazrat Pir Mohammed Shah Dargah Sharif Trust as eligible for the specified exemption category for the designated assessment years, subject to conditions: the trust must apply or accumulate its income exclusively to its objects; restrict investments and deposits except in authorised modes and for voluntary contributions retained as jewellery or furniture; and the exemption excludes business income unless the business is incidental to the trust's objectives and separate books of account are maintained.
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