Tax exemption under section 10(23) conditions Archery Association's income use, investment modes, and business treatment. Archery Association of India is notified under clause (23) of section 10 for assessment years 2001-2002 to 2003-2004, provided it applies or accumulates income per section 11(2) and 11(3) as modified by clause (23) exclusively for its objects; confines investments to modes in section 11(5) (except specified voluntary contributions); does not distribute income to members except as grants to affiliated bodies; and excludes business income from the notification unless incidental and recorded in separate books.
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Tax exemption under section 10(23) conditions Archery Association's income use, investment modes, and business treatment.
Archery Association of India is notified under clause (23) of section 10 for assessment years 2001-2002 to 2003-2004, provided it applies or accumulates income per section 11(2) and 11(3) as modified by clause (23) exclusively for its objects; confines investments to modes in section 11(5) (except specified voluntary contributions); does not distribute income to members except as grants to affiliated bodies; and excludes business income from the notification unless incidental and recorded in separate books.
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