Charitable exemption notified for Jehangir Art Gallery subject to exclusive application, prescribed investments, and incidental business conditions. Jehangir Art Gallery, Bombay is notified under the charitable exemption provision for the stated assessment years subject to conditions: income must be applied or accumulated wholly and exclusively for the gallery's objects; funds (excluding certain voluntary contributions retained as jewellery, furniture, etc.) must be invested only in the forms specified in subsection (5) of section 11; and the notification does not apply to business income unless the business is incidental to the objectives and separate books of account are maintained.
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.
Charitable exemption notified for Jehangir Art Gallery subject to exclusive application, prescribed investments, and incidental business conditions.
Jehangir Art Gallery, Bombay is notified under the charitable exemption provision for the stated assessment years subject to conditions: income must be applied or accumulated wholly and exclusively for the gallery's objects; funds (excluding certain voluntary contributions retained as jewellery, furniture, etc.) must be invested only in the forms specified in subsection (5) of section 11; and the notification does not apply to business income unless the business is incidental to the objectives and separate books of account are maintained.
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