Tax exemption under section 10(23) granted conditionally, requiring restricted investments, applied income use, and separate books for incidental business. Notification grants tax-exempt status to the Petroleum Sports Control Board, New Delhi, under section 10(23) for specified assessment years subject to conditions: application or accumulation of income in conformity with charitable application and accumulation provisions as modified; investment or deposit limited to prescribed modes with an exception for voluntary contributions in permitted forms; prohibition on distribution of income to members except by grants to affiliated associations; 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 section 10(23) granted conditionally, requiring restricted investments, applied income use, and separate books for incidental business.
Notification grants tax-exempt status to the Petroleum Sports Control Board, New Delhi, under section 10(23) for specified assessment years subject to conditions: application or accumulation of income in conformity with charitable application and accumulation provisions as modified; investment or deposit limited to prescribed modes with an exception for voluntary contributions in permitted forms; prohibition on distribution of income to members except by grants to affiliated associations; and exclusion of business profits unless incidental to objectives with separate books maintained.
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