Tax exemption recognition for an educational institute subject to income application, permitted investments, business accounting and dissolution transfer conditions. Notification grants tax exempt status to Indian Institute of Management, Lucknow under the relevant clause for specified assessment years, conditioned on exclusive application or accumulation of income for its objects; permitted modes of investment or deposit only as specified (except certain voluntary contributions held as jewellery or furniture); exclusion of business income unless incidental and maintained in separate books; regular filing of income tax returns; and transfer of surplus and assets on dissolution 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 recognition for an educational institute subject to income application, permitted investments, business accounting and dissolution transfer conditions.
Notification grants tax exempt status to Indian Institute of Management, Lucknow under the relevant clause for specified assessment years, conditioned on exclusive application or accumulation of income for its objects; permitted modes of investment or deposit only as specified (except certain voluntary contributions held as jewellery or furniture); exclusion of business income unless incidental and maintained in separate books; regular filing of income tax returns; and transfer of surplus and assets on dissolution 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 
