Tax exemption under section 10 clause limited by conditions on application, permitted investments, distributions, and business income accounting. Notification grants tax exemption to the Bombay Hockey Association for specified assessment years under the relevant clause of section 10, subject to conditions: income must be applied or accumulated only for the association's objects in accordance with the rules on application and accumulation; investments or deposits (except certain voluntary contributions held as specified articles) are limited to permitted modes; income may not be distributed to members except as grants to affiliated institutions; business profits are excluded unless incidental to objectives and maintained in separate books.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption under section 10 clause limited by conditions on application, permitted investments, distributions, and business income accounting.
Notification grants tax exemption to the Bombay Hockey Association for specified assessment years under the relevant clause of section 10, subject to conditions: income must be applied or accumulated only for the association's objects in accordance with the rules on application and accumulation; investments or deposits (except certain voluntary contributions held as specified articles) are limited to permitted modes; income may not be distributed to members except as grants to affiliated institutions; business profits are excluded unless incidental to objectives and maintained in separate books.
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