Tax exemption notification confirms charitable status for performing arts centre subject to application of income and investment restrictions. Notification grants tax-exempt recognition to the National Centre for the Performing Arts, Mumbai for specified assessment years subject to conditions: income must be applied or accumulated solely for the assessee's objects; funds (other than certain voluntary contributions maintained as property) may be invested only in permitted modes; exemption excludes business profits unless incidental and maintained in separate books; and the assessee must regularly file income-tax returns in accordance with the Act.
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 notification confirms charitable status for performing arts centre subject to application of income and investment restrictions.
Notification grants tax-exempt recognition to the National Centre for the Performing Arts, Mumbai for specified assessment years subject to conditions: income must be applied or accumulated solely for the assessee's objects; funds (other than certain voluntary contributions maintained as property) may be invested only in permitted modes; exemption excludes business profits unless incidental and maintained in separate books; and the assessee must regularly file income-tax returns in accordance with the Act.
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