Tax exemption under section 10(23C)(iv) granted subject to exclusive application of income and restricted investments. Designation of The Music Academy, Chennai under section 10(23C)(iv) for assessment years 1999-2000 to 2001-2002 is subject to conditions requiring the assessee to apply or accumulate income wholly and exclusively to its objects, to restrict investments to modes permitted by law (except voluntary contributions retained as jewellery, furniture, etc.), and to exclude 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.
Tax exemption under section 10(23C)(iv) granted subject to exclusive application of income and restricted investments.
Designation of The Music Academy, Chennai under section 10(23C)(iv) for assessment years 1999-2000 to 2001-2002 is subject to conditions requiring the assessee to apply or accumulate income wholly and exclusively to its objects, to restrict investments to modes permitted by law (except voluntary contributions retained as jewellery, furniture, etc.), and to exclude business profits unless the business is incidental and accounted for in separate books.
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