Tax exemption under section 10(23) granted to Chandigarh Lawn Tennis Association subject to conditions on application and investments. Notification under clause (23) of section 10 notifies Chandigarh Lawn Tennis Association for assessment years 1991-92 to 1993-94 subject to conditions: income must be applied or accumulated exclusively for the association's objects in line with section 11(2) and (3) as modified; accumulations and investments are limited to forms permitted by section 11(5) except specified tangible voluntary contributions; income distribution to members is prohibited except grants to affiliated bodies; business income is excluded unless incidental and maintained in separate books.
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Tax exemption under section 10(23) granted to Chandigarh Lawn Tennis Association subject to conditions on application and investments.
Notification under clause (23) of section 10 notifies Chandigarh Lawn Tennis Association for assessment years 1991-92 to 1993-94 subject to conditions: income must be applied or accumulated exclusively for the association's objects in line with section 11(2) and (3) as modified; accumulations and investments are limited to forms permitted by section 11(5) except specified tangible voluntary contributions; income distribution to members is prohibited except grants to affiliated bodies; business income is excluded unless incidental and maintained in separate books.
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