Income-tax exemption for Association subject to exclusive use of income, permitted investments, business-incidental rule, filings, and dissolution transfer. Notification grants income-tax exemption to the Association of Metropolitan Development Authorities subject to conditions: exclusive application of income to objects, investment restrictions to forms under section 11(5) (except certain in-kind voluntary contributions), exclusion of business income unless incidental with separate books, regular filing of income-tax returns, and transfer of surplus and assets on dissolution to a similar charitable organization.
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-tax exemption for Association subject to exclusive use of income, permitted investments, business-incidental rule, filings, and dissolution transfer.
Notification grants income-tax exemption to the Association of Metropolitan Development Authorities subject to conditions: exclusive application of income to objects, investment restrictions to forms under section 11(5) (except certain in-kind voluntary contributions), exclusion of business income unless incidental with separate books, regular filing of income-tax returns, and transfer of surplus and assets on dissolution to a similar charitable organization.
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