Tax exemption under section 10(23C)(iv) recognised for Indian Institute of Management Lucknow subject to specified compliance conditions Notification grants tax exemption to the Indian Institute of Management, Lucknow for assessment years 1999-2000 to 2001-2002 subject to conditions: apply or accumulate income wholly to institutional objects; confine investments and deposits to modes permitted for charitable trusts (except certain voluntary contributions retained as movable assets); treat business income as incidental with separate books; regularly file returns under the Income-tax Act; and on dissolution transfer surplus and assets to a like charitable organisation.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption under section 10(23C)(iv) recognised for Indian Institute of Management Lucknow subject to specified compliance conditions
Notification grants tax exemption to the Indian Institute of Management, Lucknow for assessment years 1999-2000 to 2001-2002 subject to conditions: apply or accumulate income wholly to institutional objects; confine investments and deposits to modes permitted for charitable trusts (except certain voluntary contributions retained as movable assets); treat business income as incidental with separate books; regularly file returns under the Income-tax Act; and on dissolution transfer surplus and assets to a like charitable organisation.
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