Tax exemption under section 10(23) granted to a trust subject to income application, investment, distribution and business accounting conditions. Notification grants section 10(23) exemption to Triangle Tennis Trust for specified assessment years, conditional on applying or accumulating income per the modified section 11 provisions for exclusive objects, restricting investments to forms specified by law (with limited allowance for notified tangible articles), prohibiting distribution of income to members except by grants to affiliated bodies, and excluding business profits unless incidental to objectives with separate accounts.
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 to a trust subject to income application, investment, distribution and business accounting conditions.
Notification grants section 10(23) exemption to Triangle Tennis Trust for specified assessment years, conditional on applying or accumulating income per the modified section 11 provisions for exclusive objects, restricting investments to forms specified by law (with limited allowance for notified tangible articles), prohibiting distribution of income to members except by grants to affiliated bodies, and excluding business profits unless incidental to objectives with separate accounts.
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