Tax exemption under section 10(23) grants conditional relief to Petroleum Sports Control Board for specified assessment years. Notification grants tax-exempt status to the Petroleum Sports Control Board for specified assessment years subject to conditions: income must be applied or accumulated exclusively for its objects in accordance with statutory provisions; voluntary contributions held for deposit are limited to notified tangible forms or specified investment modes; income distribution to members is prohibited except as grants to affiliated bodies; and business profits are excluded from the notification unless the business is incidental to the objects 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 under section 10(23) grants conditional relief to Petroleum Sports Control Board for specified assessment years.
Notification grants tax-exempt status to the Petroleum Sports Control Board for specified assessment years subject to conditions: income must be applied or accumulated exclusively for its objects in accordance with statutory provisions; voluntary contributions held for deposit are limited to notified tangible forms or specified investment modes; income distribution to members is prohibited except as grants to affiliated bodies; and business profits are excluded from the notification unless the business is incidental to the objects and maintained in separate books.
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