Tax exemption under a specified income-tax clause granted subject to conditions limiting investments, distributions and business income. Notification designates the Federation of Motor Sports Clubs of India, Chennai for a specified income-tax exemption for assessment years 1998-99 to 2000-01 subject to conditions: income must be applied or accumulated exclusively for the federation's objects in accordance with income-application provisions as modified by the exemption; investments or deposits are restricted to prescribed forms; income distribution to members is prohibited except grants to affiliated institutions; and business profits are 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 under a specified income-tax clause granted subject to conditions limiting investments, distributions and business income.
Notification designates the Federation of Motor Sports Clubs of India, Chennai for a specified income-tax exemption for assessment years 1998-99 to 2000-01 subject to conditions: income must be applied or accumulated exclusively for the federation's objects in accordance with income-application provisions as modified by the exemption; investments or deposits are restricted to prescribed forms; income distribution to members is prohibited except grants to affiliated institutions; and business profits are excluded unless incidental and maintained in separate books.
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