Tax exemption under section 10(23C) granted to Modern Vidya Niketan Society subject to specified compliance conditions. Notification designates Modern Vidya Niketan Society as eligible for exemption under sub-clause (vi) of clause (23C) of section 10 for specified assessment years, conditional on applying or accumulating income wholly to its objects, restricting investments to permitted modes (with an exception for certain voluntary contributions in kind), excluding business income unless incidental and separately accounted, regular filing of income-tax returns, and transfer of surplus and assets on dissolution to a charitable organisation with similar objectives.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption under section 10(23C) granted to Modern Vidya Niketan Society subject to specified compliance conditions.
Notification designates Modern Vidya Niketan Society as eligible for exemption under sub-clause (vi) of clause (23C) of section 10 for specified assessment years, conditional on applying or accumulating income wholly to its objects, restricting investments to permitted modes (with an exception for certain voluntary contributions in kind), excluding business income unless incidental and separately accounted, regular filing of income-tax returns, and transfer of surplus and assets on dissolution to a charitable organisation with similar objectives.
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