Tax exemption for charitable institution restricts permitted investments and excludes non-incidental business income absent separate accounts. Notification grants tax-exempt charitable status to Hindu Satkar Samity, Calcutta for specified assessment years, conditioned on (i) application or accumulation of income wholly and exclusively to its objects; (ii) investment or deposit of funds only in the forms or modes permitted by law, except voluntary contributions maintained as assets like jewellery or furniture; and (iii) non-application to business income unless the business is incidental and is maintained in separate books of account.
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 for charitable institution restricts permitted investments and excludes non-incidental business income absent separate accounts.
Notification grants tax-exempt charitable status to Hindu Satkar Samity, Calcutta for specified assessment years, conditioned on (i) application or accumulation of income wholly and exclusively to its objects; (ii) investment or deposit of funds only in the forms or modes permitted by law, except voluntary contributions maintained as assets like jewellery or furniture; and (iii) non-application to business income unless the business is incidental and is maintained in separate books of account.
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 
