Tax exemption recognition for a charitable society subject to income-application, investment restrictions and incidental business limits. Notification under section 10(23C)(v) notifies Bombay Salesian Society, Mumbai as eligible for exemption for assessment years 1999-2000 to 2001-2002, subject to conditions: income must be applied or accumulated wholly and exclusively for its objects; investments or deposits are restricted to modes specified in sub section (5) of section 11 (except specified voluntary contributions); and business income is excluded unless incidental 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 recognition for a charitable society subject to income-application, investment restrictions and incidental business limits.
Notification under section 10(23C)(v) notifies Bombay Salesian Society, Mumbai as eligible for exemption for assessment years 1999-2000 to 2001-2002, subject to conditions: income must be applied or accumulated wholly and exclusively for its objects; investments or deposits are restricted to modes specified in sub section (5) of section 11 (except specified voluntary contributions); and business income is excluded unless incidental and maintained in separate books.
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