Tax exemption under section 10(23) conditions income application, investment modes, non-distribution, and separate business accounting requirements. Notification grants a statutory tax exemption to the All India Tennis Association subject to conditions: income must be applied or accumulated solely for the association's objects; investments are limited to prescribed modes with narrow exceptions for certain tangible voluntary contributions; income distribution to members is barred except grants to affiliated bodies; business income is excluded unless incidental to objects and maintained in separate books.
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(23) conditions income application, investment modes, non-distribution, and separate business accounting requirements.
Notification grants a statutory tax exemption to the All India Tennis Association subject to conditions: income must be applied or accumulated solely for the association's objects; investments are limited to prescribed modes with narrow exceptions for certain tangible voluntary contributions; income distribution to members is barred except grants to affiliated bodies; business income is excluded unless incidental to objects and maintained in separate books.
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