Tax exemption notification for a trade council conditioned on exclusive application of income and strict compliance requirements. Notification grants tax exemption under section 10(23C) to the Council for Leather Exports, Chennai for specified assessment years on conditions: income must be applied or accumulated solely for its objects; investments restricted to modes permitted by the Act (except voluntary contributions held as jewellery or furniture); business income excluded unless incidental and maintained in separate books; regular filing of income-tax returns is required; and on dissolution surplus/assets must transfer to a charitable organisation with similar objectives.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption notification for a trade council conditioned on exclusive application of income and strict compliance requirements.
Notification grants tax exemption under section 10(23C) to the Council for Leather Exports, Chennai for specified assessment years on conditions: income must be applied or accumulated solely for its objects; investments restricted to modes permitted by the Act (except voluntary contributions held as jewellery or furniture); business income excluded unless incidental and maintained in separate books; regular filing of income-tax returns is required; and on dissolution surplus/assets must transfer to a charitable organisation with similar objectives.
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