Tax exemption recognition requires exclusive application of income and prescribed investment limits with business income safeguards. Central Government notification designates the Council for Leather Exports, Chennai as eligible under clause (23C)(iv) of section 10 of the Income tax Act for assessment years 1995 96 to 1997 98, subject to conditions: income must be applied wholly and exclusively to the assessee's objects; investments are limited to forms permitted by subsection (5) of section 11 except for voluntary contributions held as jewellery, furniture, etc.; and business income is excluded unless incidental to 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 recognition requires exclusive application of income and prescribed investment limits with business income safeguards.
Central Government notification designates the Council for Leather Exports, Chennai as eligible under clause (23C)(iv) of section 10 of the Income tax Act for assessment years 1995 96 to 1997 98, subject to conditions: income must be applied wholly and exclusively to the assessee's objects; investments are limited to forms permitted by subsection (5) of section 11 except for voluntary contributions held as jewellery, furniture, etc.; and business income is excluded unless incidental to objectives and maintained in separate books.
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