Tax exemption: Conditional notification grants income-tax relief to a cricket association subject to application, investment and non-distribution rules. Notification grants conditional income-tax exemption to the Bulsar Cricket Association subject to requirements that income be applied or accumulated solely for its objects under the statutory accumulation and application rules, investments of funds be limited to prescribed modes (with limited exceptions for certain notified tangible voluntary contributions), and no distribution of income to members except grants to affiliated bodies; business income is excluded unless 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: Conditional notification grants income-tax relief to a cricket association subject to application, investment and non-distribution rules.
Notification grants conditional income-tax exemption to the Bulsar Cricket Association subject to requirements that income be applied or accumulated solely for its objects under the statutory accumulation and application rules, investments of funds be limited to prescribed modes (with limited exceptions for certain notified tangible voluntary contributions), and no distribution of income to members except grants to affiliated bodies; business income is excluded unless incidental to the objects and maintained in separate books.
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