Tax exemption under section 10(23) granted subject to compliance and investment restrictions for Petroleum Sports Control Board. Notification under section 10(23) notifies the Petroleum Sports Control Board, New Delhi, as a notified institution for the specified assessment years subject to conditions: income must be applied or accumulated wholly and exclusively for its objects in line with modified application/accumulation rules; investments and deposits (except certain voluntary contributions held in specified tangible forms) must be in permitted modes; no distribution of income to members except grants to affiliated bodies; and the exemption excludes business profits unless incidental to objectives 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 under section 10(23) granted subject to compliance and investment restrictions for Petroleum Sports Control Board.
Notification under section 10(23) notifies the Petroleum Sports Control Board, New Delhi, as a notified institution for the specified assessment years subject to conditions: income must be applied or accumulated wholly and exclusively for its objects in line with modified application/accumulation rules; investments and deposits (except certain voluntary contributions held in specified tangible forms) must be in permitted modes; no distribution of income to members except grants to affiliated bodies; and the exemption excludes business profits unless incidental to objectives with separate books maintained.
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