Tax exemption under Section 10(23C)(v): Shri Saibaba Sansthan must apply income, limit investments, maintain separate books. Notification under Section 10(23C)(v) confers tax-exempt status on Shri Saibaba Sansthan for assessment years 1999-2000 to 2001-2002 subject to conditions: (i) income must be applied or accumulated wholly and exclusively for the institution's objects; (ii) funds must be invested only in modes specified in section 11(5) except voluntary contributions preserved as specified; and (iii) exemption does not cover business income 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 under Section 10(23C)(v): Shri Saibaba Sansthan must apply income, limit investments, maintain separate books.
Notification under Section 10(23C)(v) confers tax-exempt status on Shri Saibaba Sansthan for assessment years 1999-2000 to 2001-2002 subject to conditions: (i) income must be applied or accumulated wholly and exclusively for the institution's objects; (ii) funds must be invested only in modes specified in section 11(5) except voluntary contributions preserved as specified; and (iii) exemption does not cover business income unless incidental to objectives and maintained in separate books.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
