Tax exemption under section 10(23) granted subject to exclusive application of income, permitted investments, and no member distributions. Notification allowing tax exemption for the Aero Club of India under clause (23) of section 10 for specified assessment years, conditional on exclusive application or accumulation of income to its objects; investment and deposit of funds only in permitted forms; prohibition on distributing income to members except as grants to affiliated bodies; and exclusion of business profits unless incidental to objectives with separate books maintained.
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 under section 10(23) granted subject to exclusive application of income, permitted investments, and no member distributions.
Notification allowing tax exemption for the Aero Club of India under clause (23) of section 10 for specified assessment years, conditional on exclusive application or accumulation of income to its objects; investment and deposit of funds only in permitted forms; prohibition on distributing income to members except as grants to affiliated bodies; and exclusion of business profits unless incidental to objectives with separate books maintained.
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