Tax exemption under clause (23) granted subject to application, investment, distribution and business compliance conditions. Notification grants tax-exempt status to The Madhya Pradesh Flying Club Limited for the stated assessment years, conditional on exclusive application or accumulation of income for its objects under the modified rules, investment and deposit of funds only in prescribed modes (with an exception for certain voluntary contributions in notified tangible articles), prohibition on distribution of income to members except as grants to affiliated bodies, and exclusion of business profits unless incidental to objectives with separate books 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.
Tax exemption under clause (23) granted subject to application, investment, distribution and business compliance conditions.
Notification grants tax-exempt status to The Madhya Pradesh Flying Club Limited for the stated assessment years, conditional on exclusive application or accumulation of income for its objects under the modified rules, investment and deposit of funds only in prescribed modes (with an exception for certain voluntary contributions in notified tangible articles), prohibition on distribution of income to members except as grants to affiliated bodies, and exclusion of business profits unless incidental to objectives with separate books maintained.
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