Tax exemption under Section 10(23) granted to association, conditional on exclusive charitable use, investment and dissolution rules. Notification grants tax exemption under section 10(23) to the Karnataka State Billiards Association for the assessment year subject to conditions: income must be applied or accumulated exclusively for its objects; investments or deposits limited to forms permitted for charitable funds; business profits excluded unless incidental and separately accounted; regular filing of income-tax returns required; and on dissolution surplus assets must be transferred to a charitable organisation with similar objects.
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 under Section 10(23) granted to association, conditional on exclusive charitable use, investment and dissolution rules.
Notification grants tax exemption under section 10(23) to the Karnataka State Billiards Association for the assessment year subject to conditions: income must be applied or accumulated exclusively for its objects; investments or deposits limited to forms permitted for charitable funds; business profits excluded unless incidental and separately accounted; regular filing of income-tax returns required; and on dissolution surplus assets must be transferred to a charitable organisation with similar objects.
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