Tax exemption under section 10(23C)(iv) granted with conditions on application of income, permitted investments, accounting and dissolution. Notification under Section 10(23C)(iv) designates Yusuf Meherally Centre, Mumbai as eligible for the specified tax exemption for assessment years 2001-2002 to 2003-2004, subject to conditions: apply or accumulate income exclusively to its objects; restrict investments to modes permitted under section 11(5) (except specified voluntary contributions); exclude business income unless incidental and maintained in separate books; regularly file income tax returns; and on dissolution transfer surplus and assets to a like minded charitable organization.
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)(iv) granted with conditions on application of income, permitted investments, accounting and dissolution.
Notification under Section 10(23C)(iv) designates Yusuf Meherally Centre, Mumbai as eligible for the specified tax exemption for assessment years 2001-2002 to 2003-2004, subject to conditions: apply or accumulate income exclusively to its objects; restrict investments to modes permitted under section 11(5) (except specified voluntary contributions); exclude business income unless incidental and maintained in separate books; regularly file income tax returns; and on dissolution transfer surplus and assets to a like minded charitable organization.
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