Tax exemption under section 10(23C)(v): foundation notified subject to income application, investment limits, and separate books for business. Notification under section 10(23C)(v) notifies Guru Gobind Singh Foundation, Chandigarh for assessment years 1988-89 to 1990-91 subject to conditions: the foundation must apply or accumulate income wholly and exclusively to its objects; investments or deposits (other than certain voluntary contributions retained in kind) must be only in forms/modes specified in section 11(5); and the notification does not apply to business income unless the business is incidental to the objects and maintained in separate books of account.
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Tax exemption under section 10(23C)(v): foundation notified subject to income application, investment limits, and separate books for business.
Notification under section 10(23C)(v) notifies Guru Gobind Singh Foundation, Chandigarh for assessment years 1988-89 to 1990-91 subject to conditions: the foundation must apply or accumulate income wholly and exclusively to its objects; investments or deposits (other than certain voluntary contributions retained in kind) must be only in forms/modes specified in section 11(5); and the notification does not apply to business income unless the business is incidental to the objects and maintained in separate books of account.
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