Tax exemption under section 10(23C)(iv) notified for Motilal Memorial Society, subject to application, investment and business conditions. Notification under section 10(23C)(iv) grants tax-exempt status to Motilal Memorial Society for specified assessment years, conditional on applying income wholly and exclusively to its objects, restricting investments to modes specified in section 11(5) (with limited exception for voluntary contributions in forms like jewellery or furniture), and excluding business income unless incidental to the society's objects with separate books maintained.
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Tax exemption under section 10(23C)(iv) notified for Motilal Memorial Society, subject to application, investment and business conditions.
Notification under section 10(23C)(iv) grants tax-exempt status to Motilal Memorial Society for specified assessment years, conditional on applying income wholly and exclusively to its objects, restricting investments to modes specified in section 11(5) (with limited exception for voluntary contributions in forms like jewellery or furniture), and excluding business income unless incidental to the society's objects with separate books maintained.
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