Section 10(23) notification grants conditional tax exemption to Badminton Development Trust subject to compliance with application, investment, accounting and dissolution rules. Notification under section 10(23) grants Badminton Development Trust conditional exemption for specified assessment years provided the trust applies or accumulates income exclusively for its objects; confines investments to forms permitted by section 11(5) (except certain in-kind voluntary contributions); treats business income as outside the notification unless incidental and separately accounted; files returns regularly; and on dissolution transfers surplus and assets to a charitable organisation with similar objectives.
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Provisions expressly mentioned in the judgment/order text.
Section 10(23) notification grants conditional tax exemption to Badminton Development Trust subject to compliance with application, investment, accounting and dissolution rules.
Notification under section 10(23) grants Badminton Development Trust conditional exemption for specified assessment years provided the trust applies or accumulates income exclusively for its objects; confines investments to forms permitted by section 11(5) (except certain in-kind voluntary contributions); treats business income as outside the notification unless incidental and separately accounted; files returns regularly; and on dissolution transfers surplus and assets to a charitable organisation with similar objectives.
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