The Central Government notifies the 'the Maharashtra State Basketball Association, Matunga, Mumbai' for the purpose of clause (23) of section 10 of the Income-tax Act. 1961 - 067/2002 - Income Tax Act, 1961
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Tax exemption notification for a state sports association subject to application, investment and business-incidence conditions. Notification grants income-tax exemption to the Maharashtra State Basketball Association for the assessment year specified, conditional on applying or accumulating income exclusively for its objects, restricting investments and deposits to permitted modes, prohibiting distribution of income to members except as grants to affiliated bodies, and excluding business profits from the exemption unless the business is incidental and accounted for in separate books.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption notification for a state sports association subject to application, investment and business-incidence conditions.
Notification grants income-tax exemption to the Maharashtra State Basketball Association for the assessment year specified, conditional on applying or accumulating income exclusively for its objects, restricting investments and deposits to permitted modes, prohibiting distribution of income to members except as grants to affiliated bodies, and excluding business profits from the exemption unless the business is incidental and accounted for in separate books.
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