Tax exemption under section 10(23C)(v): notification conditions require exclusive application of income and restricted investments. Notification under section 10(23C)(v) notifies Chief Khalsa Diwan, Amritsar for the specified assessment years subject to conditions: the assessee must apply or accumulate income wholly and exclusively to its established objects; must restrict investments and deposits of funds to the forms or modes specified in subsection (5) of section 11 (except voluntary contributions retained in kind); and the notification excludes profits and gains of business unless the business is incidental to the institution's objectives and separate books of account are maintained for such business.
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): notification conditions require exclusive application of income and restricted investments.
Notification under section 10(23C)(v) notifies Chief Khalsa Diwan, Amritsar for the specified assessment years subject to conditions: the assessee must apply or accumulate income wholly and exclusively to its established objects; must restrict investments and deposits of funds to the forms or modes specified in subsection (5) of section 11 (except voluntary contributions retained in kind); and the notification excludes profits and gains of business unless the business is incidental to the institution's objectives and separate books of account are maintained for such business.
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