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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Franciscan Sisters Society Gains Income Tax Exemption for 1993-96 Under Section 10(23C)(v) of Income-tax Act</h1> The Central Government has notified the Society of the Franciscan (Hospitaller) Sisters, Bombay, under section 10(23C)(v) of the Income-tax Act, 1961, for the assessment years 1993-94, 1994-95, and 1995-96. The notification stipulates that the society must apply its income exclusively to its established objectives and invest its funds only in specified forms or modes. Additionally, the notification excludes income from business profits unless the business is incidental to the society's objectives and separate accounts are maintained.
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