Tax exemption under section 10(23C)(iv) granted to Homi Bhabha Fellowships Council subject to application and investment conditions. Notification grants the Homi Bhabha Fellowships Council, Bombay, exemption under section 10(23C)(iv) for specified assessment years subject to conditions: income must be applied or accumulated wholly and exclusively for the organisation's objects; investments must be made only in forms or modes permitted for charitable trusts (with an exception for voluntary contributions retained as jewellery, furniture, etc.); and the exemption does not cover business profits unless the business is incidental to the objectives and separate books of account are kept for that business.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption under section 10(23C)(iv) granted to Homi Bhabha Fellowships Council subject to application and investment conditions.
Notification grants the Homi Bhabha Fellowships Council, Bombay, exemption under section 10(23C)(iv) for specified assessment years subject to conditions: income must be applied or accumulated wholly and exclusively for the organisation's objects; investments must be made only in forms or modes permitted for charitable trusts (with an exception for voluntary contributions retained as jewellery, furniture, etc.); and the exemption does not cover business profits unless the business is incidental to the objectives and separate books of account are kept for that business.
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