Tax exemption notification recognises Indian Museum subject to conditions on income application, permitted investments, accounting and dissolution. Notification under section 10(23C)(iv) notifies Indian Museum, Kolkata for assessment years 2003-04 to 2005-06 subject to conditions: income must be applied or accumulated wholly and exclusively to its objects; investments only in forms permitted by Section 11(5) except certain tangible voluntary contributions; business income excluded unless incidental and kept in separate books; regular filing of returns; and on dissolution surplus and assets must transfer 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 notification recognises Indian Museum subject to conditions on income application, permitted investments, accounting and dissolution.
Notification under section 10(23C)(iv) notifies Indian Museum, Kolkata for assessment years 2003-04 to 2005-06 subject to conditions: income must be applied or accumulated wholly and exclusively to its objects; investments only in forms permitted by Section 11(5) except certain tangible voluntary contributions; business income excluded unless incidental and kept in separate books; regular filing of returns; and on dissolution surplus and assets must transfer 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 
