Tax exemption recognition under section 10(23) conditions apply to income use, investment modes, business treatment. Notification under section 10(23) grants Brihanmumbai Kreeda Ani Lalitkala Pratishthan exemption for assessment years 2001-2002 to 2002-2003 subject to conditions: apply or accumulate income wholly and exclusively to its objects; restrict investments to permitted forms except certain retained voluntary contributions; exclude business income unless incidental and separately accounted; regularly file income tax returns; and on dissolution transfer surplus and assets to a charitable organisation with similar objectives.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption recognition under section 10(23) conditions apply to income use, investment modes, business treatment.
Notification under section 10(23) grants Brihanmumbai Kreeda Ani Lalitkala Pratishthan exemption for assessment years 2001-2002 to 2002-2003 subject to conditions: apply or accumulate income wholly and exclusively to its objects; restrict investments to permitted forms except certain retained voluntary contributions; exclude business income unless incidental and separately accounted; regularly file income tax returns; and on dissolution transfer surplus and assets to a charitable organisation with similar objectives.
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