Tax exemption notification for Chief Minister's Relief Fund: conditions on application of income and permitted investments. Notification designates Chief Minister's Relief Fund, Maharashtra, Bombay as eligible for income-tax exemption for the specified assessment years subject to conditions: income must be applied or accumulated wholly and exclusively to the fund's objects; investments or deposits are restricted to forms permitted for charitable institutions (excluding certain voluntary contributions held as jewellery or furniture); and business income is excluded unless incidental to objectives with separate accounting.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption notification for Chief Minister's Relief Fund: conditions on application of income and permitted investments.
Notification designates Chief Minister's Relief Fund, Maharashtra, Bombay as eligible for income-tax exemption for the specified assessment years subject to conditions: income must be applied or accumulated wholly and exclusively to the fund's objects; investments or deposits are restricted to forms permitted for charitable institutions (excluding certain voluntary contributions held as jewellery or furniture); and business income is excluded unless incidental to objectives with separate accounting.
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