Tax exemption for notified sporting association: conditional status requires restricted income application, permitted investments, and distribution limits. The Archery Association of India is notified for tax-exempt status under clause (23) of section 10 subject to conditions: income must be applied or accumulated exclusively for its objects under section 11 as modified; investments on deposit are limited to modes permitted by section 11(5); income cannot be distributed to members except as grants to affiliated bodies; and profits from business are excluded unless incidental to objectives and recorded in separate books.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption for notified sporting association: conditional status requires restricted income application, permitted investments, and distribution limits.
The Archery Association of India is notified for tax-exempt status under clause (23) of section 10 subject to conditions: income must be applied or accumulated exclusively for its objects under section 11 as modified; investments on deposit are limited to modes permitted by section 11(5); income cannot be distributed to members except as grants to affiliated bodies; and profits from business are excluded unless incidental to objectives and recorded in separate books.
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