Tax exemption under section 10(23C)(iv): institute notified subject to application, investment, business and dissolution conditions. Notification grants conditional tax-exempt status to the National Institute of Bank Management, Mumbai under section 10(23C)(iv), requiring that its income be applied or accumulated exclusively for its objects, invested only in modes specified by section 11(5) (excluding certain tangible voluntary contributions), and that business income be excluded unless incidental and separately accounted. It also requires regular filing of returns and transfer of surplus assets to a like charitable organization on dissolution.
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)(iv): institute notified subject to application, investment, business and dissolution conditions.
Notification grants conditional tax-exempt status to the National Institute of Bank Management, Mumbai under section 10(23C)(iv), requiring that its income be applied or accumulated exclusively for its objects, invested only in modes specified by section 11(5) (excluding certain tangible voluntary contributions), and that business income be excluded unless incidental and separately accounted. It also requires regular filing of returns and transfer of surplus assets to a like charitable organization on dissolution.
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 
