The Central Government notifies the 'Export Promotion Council for Handicrafts, New Delhi' for the purpose of clause (23C) (iv) of section 10 of the Income-tax Act, 1961 - 314/2003 - Income Tax Act, 1961
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Income-tax exemption for Export Promotion Council for Handicrafts confirmed subject to conditions on application, investments, business and dissolution. Notification designates the Export Promotion Council for Handicrafts as eligible under section 10(23C)(iv) for specified assessment years, conditional on applying or accumulating income exclusively to its objects; restricting investments and deposits to modes permitted under Section 11 (except certain voluntary contributions in kind); treating business income as exempt only if incidental and maintained in separate books; filing returns regularly under the Income-tax Act; and, upon dissolution, transferring 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.
Income-tax exemption for Export Promotion Council for Handicrafts confirmed subject to conditions on application, investments, business and dissolution.
Notification designates the Export Promotion Council for Handicrafts as eligible under section 10(23C)(iv) for specified assessment years, conditional on applying or accumulating income exclusively to its objects; restricting investments and deposits to modes permitted under Section 11 (except certain voluntary contributions in kind); treating business income as exempt only if incidental and maintained in separate books; filing returns regularly under the Income-tax Act; and, upon dissolution, transferring surplus and assets to a charitable organisation with similar objectives.
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