Tax-exempt notification for charitable trust under section 10(23C)(v) conditions restrict investments and business income accounting. Notification grants tax-exempt status to Church of North India Trust Association subject to conditions: the trust must apply or accumulate its income wholly and exclusively for its objects; restrict investments or deposits to permitted modes except for certain voluntary contributions retained as jewelry or furniture; and any business income is excluded from the notification unless the business is incidental to the trust's objectives with separate books of account maintained for such business.
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-exempt notification for charitable trust under section 10(23C)(v) conditions restrict investments and business income accounting.
Notification grants tax-exempt status to Church of North India Trust Association subject to conditions: the trust must apply or accumulate its income wholly and exclusively for its objects; restrict investments or deposits to permitted modes except for certain voluntary contributions retained as jewelry or furniture; and any business income is excluded from the notification unless the business is incidental to the trust's objectives with separate books of account maintained for such business.
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