Tax exemption notification conditions institutional recognition by requiring restricted application of income, permitted investments, and separate business accounts. Notification recognizes the Indian Institute of Industrial Engineering, Bombay under section 10(23A) subject to conditions: income must be applied or accumulated solely for its objects in accordance with the law; investments or deposits of funds are limited to permitted forms; income must not be distributed to members except as grants to affiliated bodies; and exemption does not cover business income 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 notification conditions institutional recognition by requiring restricted application of income, permitted investments, and separate business accounts.
Notification recognizes the Indian Institute of Industrial Engineering, Bombay under section 10(23A) subject to conditions: income must be applied or accumulated solely for its objects in accordance with the law; investments or deposits of funds are limited to permitted forms; income must not be distributed to members except as grants to affiliated bodies; and exemption does not cover business income unless incidental to objectives with separate books maintained.
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