Tax exemption notification requires charitable foundation to apply income exclusively and meet specified investment and compliance conditions. Notification designates the Padmashri Dr. Vithalrao Vikhe Patil Foundation as notified under sub-clause (vi) of clause (23C) of section 10 for specified assessment years, conditioned on applying or accumulating income wholly and exclusively to its objects, restricting investments to permitted modes, treating business income as incidental only if separate books are maintained, filing returns regularly, and transferring surplus assets on dissolution to a charitable organisation with similar objects.
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 requires charitable foundation to apply income exclusively and meet specified investment and compliance conditions.
Notification designates the Padmashri Dr. Vithalrao Vikhe Patil Foundation as notified under sub-clause (vi) of clause (23C) of section 10 for specified assessment years, conditioned on applying or accumulating income wholly and exclusively to its objects, restricting investments to permitted modes, treating business income as incidental only if separate books are maintained, filing returns regularly, and transferring surplus assets on dissolution to a charitable organisation with similar objects.
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