Tax exemption recognition for charitable purpose: club notified subject to conditions on income application, investments, business accounting. Notification under Section 10(23) recognises the Kodaikanal Boat and Rowing Club for income-tax exemption subject to conditions: income must be applied or accumulated solely for the club's objects; investments must follow the permitted modes except certain voluntary contributions held in tangible form; business income is excluded unless incidental and kept in separate books; returns must be regularly filed; and on dissolution surplus assets must transfer to a similarly purposed charitable organisation.
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 recognition for charitable purpose: club notified subject to conditions on income application, investments, business accounting.
Notification under Section 10(23) recognises the Kodaikanal Boat and Rowing Club for income-tax exemption subject to conditions: income must be applied or accumulated solely for the club's objects; investments must follow the permitted modes except certain voluntary contributions held in tangible form; business income is excluded unless incidental and kept in separate books; returns must be regularly filed; and on dissolution surplus assets must transfer to a similarly purposed charitable organisation.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
