Tax exemption recognition requires trusts to apply income exclusively, restrict investments to prescribed modes, and maintain separate business accounts. Notification under section 10(23C)(v) recognises the Veda Sivagama Thirumurai Patasalai Trust, Salem for the assessment year subject to conditions: apply or accumulate income exclusively for its objects; restrict investments to modes specified in section 11(5) except certain voluntary contributions; exclude business profits unless incidental with separate books; file income-tax returns regularly; and on dissolution, transfer surplus and assets to a charitable organisation with similar objectives.
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 recognition requires trusts to apply income exclusively, restrict investments to prescribed modes, and maintain separate business accounts.
Notification under section 10(23C)(v) recognises the Veda Sivagama Thirumurai Patasalai Trust, Salem for the assessment year subject to conditions: apply or accumulate income exclusively for its objects; restrict investments to modes specified in section 11(5) except certain voluntary contributions; exclude business profits unless incidental with separate books; file income-tax returns regularly; and on dissolution, transfer surplus and assets to a charitable organisation with similar objectives.
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