Tax exemption for a charitable agency conditioned on exclusive application of income, restricted investments, accounting and dissolution transfer. Notification grants tax exemption to the Mysore Resettlement and Development Agency, Bangalore subject to conditions: apply income wholly to its objects or accumulate for that purpose; restrict investments to forms permitted for charitable income except certain voluntary contributions in kind; exclude business income unless incidental and separately accounted; file 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 for a charitable agency conditioned on exclusive application of income, restricted investments, accounting and dissolution transfer.
Notification grants tax exemption to the Mysore Resettlement and Development Agency, Bangalore subject to conditions: apply income wholly to its objects or accumulate for that purpose; restrict investments to forms permitted for charitable income except certain voluntary contributions in kind; exclude business income unless incidental and separately accounted; file returns regularly; and on dissolution transfer surplus and assets to a charitable organisation with similar objectives.
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