Tax exemption recognition for Bar Council of India confirmed subject to charitable use, permitted investments and compliance conditions. Notification designates The Bar Council of India as eligible for tax exemption under sub clause (iv) of clause (23C) of section 10 for assessment years 1997-1998 to 1999-2000, subject to conditions: apply income wholly and exclusively to its objects; restrict investments to modes permitted under Section 11(5) (except certain voluntary contributions); exclude business income unless incidental and separately accounted; regularly file income tax returns; and on dissolution transfer surplus and assets to a charitable organisation with similar objectives.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption recognition for Bar Council of India confirmed subject to charitable use, permitted investments and compliance conditions.
Notification designates The Bar Council of India as eligible for tax exemption under sub clause (iv) of clause (23C) of section 10 for assessment years 1997-1998 to 1999-2000, subject to conditions: apply income wholly and exclusively to its objects; restrict investments to modes permitted under Section 11(5) (except certain voluntary contributions); exclude business income unless incidental and separately accounted; regularly file income tax returns; and on dissolution transfer surplus and assets to a charitable organisation with similar objectives.
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