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Any income received by any person on behalf of The Malankara Orthodox Syrian Church, Catholicate Aramana, Devalokam, Kottayam, Kerala exempted under Section 10 (23C)(v) for the Assessment Years 2005-06 to 2007-08 - 202/2006 - Income Tax Act, 1961
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Income exemption under Section 10(23C)(v): receipts on behalf of church exempt subject to conditions for specified years. Exemption under Section 10 (23C)(v) disallows inclusion in a recipient's total income of any income received by any person on behalf of The Malankara Orthodox Syrian Church for the assessment years 2005-06 to 2007-08, subject to conditions: income must be applied or properly accumulated for institutional objects with accumulation beyond fifteen per cent limited to five years; permitted modes of investment per section 11(5) must be followed; business profits are excluded unless incidental and separately accounted; regular filing of returns is required; and on dissolution surplus assets must go to a like minded organization. The notification applies only to recipients' receipts on behalf of the Institution; the Institution's own tax position is considered separately.
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.
Income exemption under Section 10(23C)(v): receipts on behalf of church exempt subject to conditions for specified years.
Exemption under Section 10 (23C)(v) disallows inclusion in a recipient's total income of any income received by any person on behalf of The Malankara Orthodox Syrian Church for the assessment years 2005-06 to 2007-08, subject to conditions: income must be applied or properly accumulated for institutional objects with accumulation beyond fifteen per cent limited to five years; permitted modes of investment per section 11(5) must be followed; business profits are excluded unless incidental and separately accounted; regular filing of returns is required; and on dissolution surplus assets must go to a like minded organization. The notification applies only to recipients' receipts on behalf of the Institution; the Institution's own tax position is considered separately.
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