Tax exemption under section ten twenty three: federation notified subject to conditions on application, investment and business. Notification designates the All India Football Federation, Cannanore, as eligible for tax exemption for specified assessment years provided it applies or accumulates income solely for its objects, restricts investments and deposits to prescribed forms and modes (with limited tangible retention of voluntary contributions), does not distribute income to members except by grants to affiliated bodies, and excludes business profits from the exemption unless incidental to its objects with separate books maintained.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption under section ten twenty three: federation notified subject to conditions on application, investment and business.
Notification designates the All India Football Federation, Cannanore, as eligible for tax exemption for specified assessment years provided it applies or accumulates income solely for its objects, restricts investments and deposits to prescribed forms and modes (with limited tangible retention of voluntary contributions), does not distribute income to members except by grants to affiliated bodies, and excludes business profits from the exemption unless incidental to its objects with separate books maintained.
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