Income tax exemption under section 10(23) granted subject to conditions on application, investment, distribution and business. Notification grants income-tax exemption under Section 10(23) to the Gujarat Cricket Association for assessment years 1999-2000 to 2001-2002, subject to conditions requiring exclusive application or permissible accumulation of income for established objects, investment of funds only in modes specified by section 11(5) (with limited exceptions for certain tangible voluntary contributions), prohibition on distribution of income to members except as grants to affiliated institutions, and exclusion of business profits unless incidental and maintained in separate books.
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Provisions expressly mentioned in the judgment/order text.
Income tax exemption under section 10(23) granted subject to conditions on application, investment, distribution and business.
Notification grants income-tax exemption under Section 10(23) to the Gujarat Cricket Association for assessment years 1999-2000 to 2001-2002, subject to conditions requiring exclusive application or permissible accumulation of income for established objects, investment of funds only in modes specified by section 11(5) (with limited exceptions for certain tangible voluntary contributions), prohibition on distribution of income to members except as grants to affiliated institutions, and exclusion of business profits unless incidental and maintained in separate books.
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