Tax exemption for charitable sports society granted subject to applied income, restricted investments, business segregation, and dissolution terms. Notification under section 10(23) grants tax-exempt status to Durand Football Tournament Society for assessment years 2000-2001 to 2002-2003, conditioned on applying income wholly to its objects, investing funds only in modes permitted by section 11(5) (except certain tangible voluntary contributions), treating business income as non-exempt unless incidental with separate books, filing income-tax returns regularly, and transferring surplus and assets on dissolution to a charitable organisation with similar objectives.
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Tax exemption for charitable sports society granted subject to applied income, restricted investments, business segregation, and dissolution terms.
Notification under section 10(23) grants tax-exempt status to Durand Football Tournament Society for assessment years 2000-2001 to 2002-2003, conditioned on applying income wholly to its objects, investing funds only in modes permitted by section 11(5) (except certain tangible voluntary contributions), treating business income as non-exempt unless incidental with separate books, filing income-tax returns regularly, and transferring surplus and assets on dissolution to a charitable organisation with similar objectives.
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