Tax exemption under section 10(23) granted subject to exclusive application of income and strict investment and business conditions. Notification grants the Gujarat Cricket Association exemption under clause (23) of section 10 subject to conditions: income must be applied or accumulated exclusively for its objects in conformity with section 11; investments/deposits restricted to permitted forms except certain voluntary articles; no distribution of income to members except grants to affiliated bodies; and business profits are excluded unless incidental to objects with separate books maintained.
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) granted subject to exclusive application of income and strict investment and business conditions.
Notification grants the Gujarat Cricket Association exemption under clause (23) of section 10 subject to conditions: income must be applied or accumulated exclusively for its objects in conformity with section 11; investments/deposits restricted to permitted forms except certain voluntary articles; no distribution of income to members except grants to affiliated bodies; and business profits are excluded unless incidental to objects with separate books maintained.
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