Exemption under clause 10(23): Association notified subject to income application, investment, distribution and business accounting conditions. Notification under clause (23) of section 10 notifies the Karnataka Badminton Association as entitled to the exemption for assessment years 1994-95 to 1996-97, provided it applies or accumulates income wholly and exclusively for its objects under section 11 (as modified), limits investments to modes specified in section 11(5), refrains from distributing income to members except by grants to affiliated institutions, and treats business income as taxable unless incidental 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.
Exemption under clause 10(23): Association notified subject to income application, investment, distribution and business accounting conditions.
Notification under clause (23) of section 10 notifies the Karnataka Badminton Association as entitled to the exemption for assessment years 1994-95 to 1996-97, provided it applies or accumulates income wholly and exclusively for its objects under section 11 (as modified), limits investments to modes specified in section 11(5), refrains from distributing income to members except by grants to affiliated institutions, and treats business income as taxable unless incidental with separate books maintained.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
