Tax exemption recognition for a sports association granted subject to compliance, investment and dissolution conditions. Notification grants tax exemption recognition to the Tamil Nadu Tennis Association, Chennai for assessment years 2001-2002 and 2002-2003 subject to conditions: income must be applied or accumulated wholly and exclusively to its objects; funds must be invested only in permitted forms (with limited exceptions for voluntary contributions held as jewellery or furniture); business income is excluded unless incidental and separately accounted; regular filing of income-tax returns is required; and on dissolution surplus and assets must be transferred to a charitable organisation with similar objectives.
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 a sports association granted subject to compliance, investment and dissolution conditions.
Notification grants tax exemption recognition to the Tamil Nadu Tennis Association, Chennai for assessment years 2001-2002 and 2002-2003 subject to conditions: income must be applied or accumulated wholly and exclusively to its objects; funds must be invested only in permitted forms (with limited exceptions for voluntary contributions held as jewellery or furniture); business income is excluded unless incidental and separately accounted; regular filing of income-tax returns is required; and on dissolution surplus and assets must be transferred to a charitable organisation with similar objectives.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
