Tax exemption for a club conditioned on exclusive income application, restricted investments, no member distributions, and business limits. Jorhat Tennis Club is notified as eligible for a tax exemption under the charitable-club provision for assessment years 1993-94 to 1995-96, conditioned on exclusive application or permitted accumulation of income for its objects, restricting investments to prescribed modes (with limited exception for voluntary contributions held in specified forms), prohibiting distribution of income to members except grants to affiliated bodies, and excluding business profits from the exemption 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 for a club conditioned on exclusive income application, restricted investments, no member distributions, and business limits.
Jorhat Tennis Club is notified as eligible for a tax exemption under the charitable-club provision for assessment years 1993-94 to 1995-96, conditioned on exclusive application or permitted accumulation of income for its objects, restricting investments to prescribed modes (with limited exception for voluntary contributions held in specified forms), prohibiting distribution of income to members except grants to affiliated bodies, and excluding business profits from the exemption unless incidental to objectives with separate books maintained.
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