Section 10(23) notification grants tax-exempt status subject to exclusive application of income, investment and business accounting conditions. Notification designates Brihanmumbai Kreeda Ani Lalitkala Pratisthan, Mumbai as eligible for tax exemption under clause (23) of section 10 for specified assessment years, conditional on exclusive application or permissible accumulation of income to its objects, investment or deposit of funds only in permitted modes, prohibition on distribution of income to members except grants to affiliated bodies, and exclusion of business profits unless the business is incidental and accounted for 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.
Section 10(23) notification grants tax-exempt status subject to exclusive application of income, investment and business accounting conditions.
Notification designates Brihanmumbai Kreeda Ani Lalitkala Pratisthan, Mumbai as eligible for tax exemption under clause (23) of section 10 for specified assessment years, conditional on exclusive application or permissible accumulation of income to its objects, investment or deposit of funds only in permitted modes, prohibition on distribution of income to members except grants to affiliated bodies, and exclusion of business profits unless the business is incidental and accounted for in separate books.
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