Tax exemption recognition under section 10(23C) linked to exclusive application of income and restricted investment and accounting rules. Recognition under section 10(23C) is granted to Sriman Madhwa Sidhantonnahini Sabha for specified assessment years, conditional on applying income wholly and exclusively to its objects, limiting investments to statutory modes (with certain exceptions for voluntary contributions held as jewellery or furniture), treating business income as excluded unless incidental and maintained in separate books, filing returns regularly under the Income-tax Act, and transferring surplus and assets on dissolution to a like charitable organisation.
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 under section 10(23C) linked to exclusive application of income and restricted investment and accounting rules.
Recognition under section 10(23C) is granted to Sriman Madhwa Sidhantonnahini Sabha for specified assessment years, conditional on applying income wholly and exclusively to its objects, limiting investments to statutory modes (with certain exceptions for voluntary contributions held as jewellery or furniture), treating business income as excluded unless incidental and maintained in separate books, filing returns regularly under the Income-tax Act, and transferring surplus and assets on dissolution to a like charitable organisation.
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