Exemption under section 10(23C)(iv): charitable institution notified subject to income application, permitted investments, and separate books for incidental business. Notification designates Muncherjee Nowrojee Banajee Industrial Home for the Blind as eligible under section 10(23C)(iv) subject to conditions: income must be applied or accumulated wholly and exclusively for its objects; investments and deposits (excluding voluntary contributions retained in kind) are limited to prescribed forms or modes; and exemption does not cover business income unless incidental to objectives with separate books maintained.
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Provisions expressly mentioned in the judgment/order text.
Exemption under section 10(23C)(iv): charitable institution notified subject to income application, permitted investments, and separate books for incidental business.
Notification designates Muncherjee Nowrojee Banajee Industrial Home for the Blind as eligible under section 10(23C)(iv) subject to conditions: income must be applied or accumulated wholly and exclusively for its objects; investments and deposits (excluding voluntary contributions retained in kind) are limited to prescribed forms or modes; and exemption does not cover business income unless incidental to objectives with separate books maintained.
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