Charitable trust exemption notified for Veda Rakshana Nidhi Trust, subject to income application and investment conditions. Notification under section 10(23C)(iv) grants Veda Rakshana Nidhi Trust, Madras, exemption for assessment years 1990-91 to 1992-93 subject to conditions: (i) income must be applied or accumulated solely for the trust's objects; (ii) investments or deposits of funds during the relevant previous years must be in the forms specified by sub section (5) of section 11 except for voluntary contributions maintained as tangible items; and (iii) the exemption does not cover business income unless the business is incidental and maintained in separate books.
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Charitable trust exemption notified for Veda Rakshana Nidhi Trust, subject to income application and investment conditions.
Notification under section 10(23C)(iv) grants Veda Rakshana Nidhi Trust, Madras, exemption for assessment years 1990-91 to 1992-93 subject to conditions: (i) income must be applied or accumulated solely for the trust's objects; (ii) investments or deposits of funds during the relevant previous years must be in the forms specified by sub section (5) of section 11 except for voluntary contributions maintained as tangible items; and (iii) the exemption does not cover business income unless the business is incidental and maintained in separate books.
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