Tax exemption for notified charitable institution granted subject to exclusive application of income and specified investment and compliance conditions. A notification under section 10(23C)(v) grants tax-exempt status to the Sri Nanak Jhira Saheb Foundation for specified assessment years subject to conditions: apply income wholly and exclusively to its objects or accumulate for that purpose; restrict investments to forms permitted under section 11(5) (except certain voluntary contributions in kind); exclude business income unless incidental and kept in separate books; and regularly file income tax returns in accordance with the Income tax Act.
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 for notified charitable institution granted subject to exclusive application of income and specified investment and compliance conditions.
A notification under section 10(23C)(v) grants tax-exempt status to the Sri Nanak Jhira Saheb Foundation for specified assessment years subject to conditions: apply income wholly and exclusively to its objects or accumulate for that purpose; restrict investments to forms permitted under section 11(5) (except certain voluntary contributions in kind); exclude business income unless incidental and kept in separate books; and regularly file income tax returns in accordance with the Income tax Act.
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