Tax exemption under section 10(23) requires association to apply income to charitable objects and meet specified investment and distribution conditions. Notification grants tax exemption under section 10(23) to the Tamil Nadu Tennis Association, Madras for the specified assessment years, subject to conditions: income must be applied or accumulated exclusively to the association's objects per section 11 rules; funds (other than certain tangible voluntary contributions) may be invested only in modes permitted by section 11(5); income cannot be distributed to members except as grants to affiliated bodies; and business profits are excluded unless incidental to objectives and accounted for 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) requires association to apply income to charitable objects and meet specified investment and distribution conditions.
Notification grants tax exemption under section 10(23) to the Tamil Nadu Tennis Association, Madras for the specified assessment years, subject to conditions: income must be applied or accumulated exclusively to the association's objects per section 11 rules; funds (other than certain tangible voluntary contributions) may be invested only in modes permitted by section 11(5); income cannot be distributed to members except as grants to affiliated bodies; and business profits are excluded unless incidental to objectives and accounted for in separate books.
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