Exemption under section 10(23C) conditions clarified: strict verification, time limited notifications, audit evidence and no duplicate exemptions. Amendments effective 1 April 1990 require applicants for exemption under section 10(23C)(iv) and (v) to submit prescribed Form No.56 with supporting documents, undergo verification of activities, apply income wholly and exclusively to stated objects with permitted investments, and maintain separate accounting for incidental business; investments outside prescribed specifications after 30 March 1990 disqualify entitlement. Notifications are time limited, conditions are cumulative, audited accounts should be examined (preferably three years), and recommendations must contain specific, reasoned findings signed by the Commissioner/Director.
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Provisions expressly mentioned in the judgment/order text.
Exemption under section 10(23C) conditions clarified: strict verification, time limited notifications, audit evidence and no duplicate exemptions.
Amendments effective 1 April 1990 require applicants for exemption under section 10(23C)(iv) and (v) to submit prescribed Form No.56 with supporting documents, undergo verification of activities, apply income wholly and exclusively to stated objects with permitted investments, and maintain separate accounting for incidental business; investments outside prescribed specifications after 30 March 1990 disqualify entitlement. Notifications are time limited, conditions are cumulative, audited accounts should be examined (preferably three years), and recommendations must contain specific, reasoned findings signed by the Commissioner/Director.
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