Tax exemption under section 10(23) granted to Tamil Nadu Tennis Association, subject to income application and investment limits. Notification under clause (23) of section 10 grants tax exemption to the Tamil Nadu Tennis Association, Madras for assessment years 1995-96 to 1997-98, subject to conditions: apply or accumulate income exclusively to its objects consistent with section 11; restrict investments and deposits to permitted forms and modes (with specified exceptions for certain articles); prohibit distribution of income to members except grants to affiliated institutions; and exclude business profits from exemption unless incidental to its objects 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 under section 10(23) granted to Tamil Nadu Tennis Association, subject to income application and investment limits.
Notification under clause (23) of section 10 grants tax exemption to the Tamil Nadu Tennis Association, Madras for assessment years 1995-96 to 1997-98, subject to conditions: apply or accumulate income exclusively to its objects consistent with section 11; restrict investments and deposits to permitted forms and modes (with specified exceptions for certain articles); prohibit distribution of income to members except grants to affiliated institutions; and exclude business profits from exemption unless incidental to its objects with separate books maintained.
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