Tax exemption under section 10(23C)(iv) granted with conditions on income application, permissible investments and incidental business accounting. Notification grants tax-exempt status to Rural Development Organisation, Aruvankadu for assessment years 1992-93 to 1994-95 subject to conditions: income must be applied or accumulated wholly and exclusively for the organisation's objects; funds (except certain voluntary contributions kept as jewellery, furniture, etc.) must be invested only in modes permitted for charitable application; and business profits are excluded unless incidental to objectives and recorded in separate books of account.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption under section 10(23C)(iv) granted with conditions on income application, permissible investments and incidental business accounting.
Notification grants tax-exempt status to Rural Development Organisation, Aruvankadu for assessment years 1992-93 to 1994-95 subject to conditions: income must be applied or accumulated wholly and exclusively for the organisation's objects; funds (except certain voluntary contributions kept as jewellery, furniture, etc.) must be invested only in modes permitted for charitable application; and business profits are excluded unless incidental to objectives and recorded in separate books of account.
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