Tax exemption notification for a temple trust confirmed subject to exclusive application of income, permitted investments, and compliance. The Central Government notifies Sree Padmanabhaswamy Temple trust as entitled to tax-exempt status for specified assessment years subject to conditions: income must be applied or accumulated solely for its objects; investments and deposits are restricted to legally permitted forms (excluding voluntary contributions held as jewellery or furniture); business income is excluded unless incidental with separate books; regular income-tax returns must be filed; and on dissolution surplus assets must go to a similar 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 notification for a temple trust confirmed subject to exclusive application of income, permitted investments, and compliance.
The Central Government notifies Sree Padmanabhaswamy Temple trust as entitled to tax-exempt status for specified assessment years subject to conditions: income must be applied or accumulated solely for its objects; investments and deposits are restricted to legally permitted forms (excluding voluntary contributions held as jewellery or furniture); business income is excluded unless incidental with separate books; regular income-tax returns must be filed; and on dissolution surplus assets must go to a similar charitable organisation.
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