Tax exemption notification recognises trust income relief subject to exclusive application, restricted investments, and separate accounting for business. Notifies Navjivan Trust, Ahmedabad under section 10(23C)(iv), granting exemption for specified assessment years subject to conditions that income be applied or accumulated wholly and exclusively to the trust's objects; investments be restricted to forms permitted by section 11(5) (except for certain voluntary contributions held as tangible items); and business income be excluded from the notification unless incidental to the objects and maintained in separate books of account.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption notification recognises trust income relief subject to exclusive application, restricted investments, and separate accounting for business.
Notifies Navjivan Trust, Ahmedabad under section 10(23C)(iv), granting exemption for specified assessment years subject to conditions that income be applied or accumulated wholly and exclusively to the trust's objects; investments be restricted to forms permitted by section 11(5) (except for certain voluntary contributions held as tangible items); and business income be excluded from the notification unless incidental to the objects and maintained in separate books of account.
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