Exemption under section 10(23) granted to Aero Club of India, subject to income application, investment and accounting conditions. The Central Government notifies the Aero Club of India as eligible for tax exemption under clause (23) of section 10 for assessment years 1996-97 to 1998-99, conditional on application or accumulation of income solely to its objects per section 11 (as modified), restricted investments to modes permitted by section 11(5) except certain notified tangible voluntary contributions, prohibition on distributing income to members except grants to affiliated bodies, and exclusion of business profits unless incidental and separately accounted.
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.
Exemption under section 10(23) granted to Aero Club of India, subject to income application, investment and accounting conditions.
The Central Government notifies the Aero Club of India as eligible for tax exemption under clause (23) of section 10 for assessment years 1996-97 to 1998-99, conditional on application or accumulation of income solely to its objects per section 11 (as modified), restricted investments to modes permitted by section 11(5) except certain notified tangible voluntary contributions, prohibition on distributing income to members except grants to affiliated bodies, and exclusion of business profits unless incidental and separately accounted.
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