Income tax exemption under section 10(23) conditioned on exclusive application of income and permitted investment modes. The Central Government notifies The U.P. Cricket Association, Kanpur for income tax exemption under clause (23) of section 10 subject to conditions: income must be applied or accumulated exclusively for the association's objects in line with section 11 rules; funds and accumulations must be invested only in modes permitted by section 11(5) or Board notifications; income may not be distributed to members except as grants to affiliated bodies; and business profits are excluded unless incidental 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.
Income tax exemption under section 10(23) conditioned on exclusive application of income and permitted investment modes.
The Central Government notifies The U.P. Cricket Association, Kanpur for income tax exemption under clause (23) of section 10 subject to conditions: income must be applied or accumulated exclusively for the association's objects in line with section 11 rules; funds and accumulations must be invested only in modes permitted by section 11(5) or Board notifications; income may not be distributed to members except as grants to affiliated bodies; and business profits are excluded unless incidental and maintained in separate books.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
