Tax exemption notification conditions: income use, restricted investments, distribution ban, and separate accounting for incidental business. Notification grants tax-exempt status to Petroleum Sports Control Board for specified assessment years subject to conditions: income must be applied or accumulated solely for the objects of the assessee; investments limited to prescribed forms with certain tangible-article exceptions for voluntary contributions; income distribution to members prohibited except as grants to affiliated bodies; and business profits are excluded unless incidental to objectives and maintained in separate books.
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: income use, restricted investments, distribution ban, and separate accounting for incidental business.
Notification grants tax-exempt status to Petroleum Sports Control Board for specified assessment years subject to conditions: income must be applied or accumulated solely for the objects of the assessee; investments limited to prescribed forms with certain tangible-article exceptions for voluntary contributions; income distribution to members prohibited except as grants to affiliated bodies; and business profits are excluded unless incidental to objectives and maintained in separate books.
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