Tax exemption notification conditions charitable status on exclusive application of income and restricted investment modes. Pirojsha Godrej Foundation, Mumbai, is notified as eligible under the tax provision for charitable institutions for specified assessment years provided it applies or accumulates income exclusively to its objects; restricts investments or deposits of funds (other than certain retained voluntary contributions) to legally permitted modes; and excludes business profits unless the business is incidental to its 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 notification conditions charitable status on exclusive application of income and restricted investment modes.
Pirojsha Godrej Foundation, Mumbai, is notified as eligible under the tax provision for charitable institutions for specified assessment years provided it applies or accumulates income exclusively to its objects; restricts investments or deposits of funds (other than certain retained voluntary contributions) to legally permitted modes; and excludes business profits unless the business is incidental to its objects with separate books maintained.
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