Amendment by Finance Act 2012

Section 143(3)

Heading :
Benefit of tax exemption not allowed to charitable organization in case commercial receipts exceed `25,000. [Third proviso to section 143(3)]

Explanation :
Third proviso has been inserted in section 143(3) to provide that first and second proviso to section 143(3) shall not be applicable where in any previous year commercial receipt of such trust exceed `25,00,000. In other words, Assessing Officer shall not give exemption to such trust covered under section 10(23C) (iv) or (v) even if approval has not been withdrawn or rescinded.

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Regards,
Siddharth Bumb