Tax exemption under section 10(23C) granted subject to conditions on application of income, investment and business income. Notified under section 10(23C), 'Media Lab Asia, Mumbai' is granted exemption subject to conditions: apply or accumulate income exclusively to its objects; restrict investments to modes specified in Section 11(5) except certain tangible voluntary contributions; business income qualifies only if incidental and accounted for separately; file income tax returns regularly; and on dissolution transfer surplus and assets to a charitable organisation with similar objectives.
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 under section 10(23C) granted subject to conditions on application of income, investment and business income.
Notified under section 10(23C), "Media Lab Asia, Mumbai" is granted exemption subject to conditions: apply or accumulate income exclusively to its objects; restrict investments to modes specified in Section 11(5) except certain tangible voluntary contributions; business income qualifies only if incidental and accounted for separately; file income tax returns regularly; and on dissolution transfer surplus and assets to a charitable organisation with similar objectives.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
