Donations in kind deemed income: their use for charitable objects qualifies trusts for exemption under section 10(23C).

Donations in kind (books, clothing, food, drugs, equipment) received by charitable or religious funds, trusts or institutions are income under the statutory definition and, when used for the entity's charitable objects, constitute application of income under the proviso restricting investments and deposits; such use supports eligibility for exemption under section 10(23C)(iv)/(v) if the other conditions of that exemption are met.

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