Income-tax exemption for charitable trust conditioned on exclusive application of income, restricted investments, non-distribution, and segregated business accounts. Notification grants tax-exempt status to the Triangle Tennis Trust subject to conditions: apply or accumulate income exclusively to its objects per section 11 as modified by clause (23); restrict investments to specified forms or Board-notified articles for prescribed periods; do not distribute income to members except as grants to affiliated bodies; and exclude business profits unless the business is incidental 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.
Income-tax exemption for charitable trust conditioned on exclusive application of income, restricted investments, non-distribution, and segregated business accounts.
Notification grants tax-exempt status to the Triangle Tennis Trust subject to conditions: apply or accumulate income exclusively to its objects per section 11 as modified by clause (23); restrict investments to specified forms or Board-notified articles for prescribed periods; do not distribute income to members except as grants to affiliated bodies; and exclude business profits unless the business is incidental and separate books of account are maintained.
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