Tax exemption under prescribed clause: institution notified subject to exclusive application of income, restricted investments, and business exception. Notification designates Jagadguru Sri Sankaracharya Swamigal Srimatam Samasthanam, Tamil Nadu, as qualifying under the prescribed income tax exemption clause for the specified assessment years, conditional on applying its income wholly and exclusively to its objects or accumulating only for that purpose; investing or depositing funds only in permitted modes (excluding certain voluntary contributions held as jewellery, furniture etc.); and excluding business profits unless the business is incidental to its objectives and maintained 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 prescribed clause: institution notified subject to exclusive application of income, restricted investments, and business exception.
Notification designates Jagadguru Sri Sankaracharya Swamigal Srimatam Samasthanam, Tamil Nadu, as qualifying under the prescribed income tax exemption clause for the specified assessment years, conditional on applying its income wholly and exclusively to its objects or accumulating only for that purpose; investing or depositing funds only in permitted modes (excluding certain voluntary contributions held as jewellery, furniture etc.); and excluding business profits unless the business is incidental to its objectives and maintained in separate books.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
