Tax exemption under section 10(23) granted to an association subject to income application, investment limits, filing and dissolution conditions. Notification grants tax exemption under section 10(23) to the National Rifle Association of India for assessment years 2000-2001 to 2002-2003 subject to conditions: exclusive application or accumulation of income to objects; investment and deposit restrictions to permitted modes (with limited exceptions for certain voluntary contributions held as jewellery or furniture); exclusion of business income unless incidental and separately accounted; regular filing of returns; and transfer of surplus assets on dissolution to a charitable organisation with similar objectives.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption under section 10(23) granted to an association subject to income application, investment limits, filing and dissolution conditions.
Notification grants tax exemption under section 10(23) to the National Rifle Association of India for assessment years 2000-2001 to 2002-2003 subject to conditions: exclusive application or accumulation of income to objects; investment and deposit restrictions to permitted modes (with limited exceptions for certain voluntary contributions held as jewellery or furniture); exclusion of business income unless incidental and separately accounted; regular filing of returns; and transfer of surplus assets on dissolution to a charitable organisation with similar objectives.
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