Tax exemption recognition for a sporting association conditioned on exclusive application of income and restricted investments. Notification grants tax exemption recognition to Balsar District Cricket Association, Valsad for stated assessment years subject to conditions: income must be applied or accumulated exclusively for the association's objects under the applicable rules; investments of funds (other than certain voluntary contributions in notified tangible forms) must be in prescribed modes; income may not be distributed to members except as grants to affiliated institutions; business income is excluded unless incidental to objectives and maintained in separate books of account.
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Tax exemption recognition for a sporting association conditioned on exclusive application of income and restricted investments.
Notification grants tax exemption recognition to Balsar District Cricket Association, Valsad for stated assessment years subject to conditions: income must be applied or accumulated exclusively for the association's objects under the applicable rules; investments of funds (other than certain voluntary contributions in notified tangible forms) must be in prescribed modes; income may not be distributed to members except as grants to affiliated institutions; business income is excluded unless incidental to objectives and maintained in separate books of account.
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