Charitable trust exemption subject to exclusive application of income, investment mode limits, and business accounting conditions. Notification grants charitable trust exemption to Goud Saraswat Brahmans Temple Trust, Bombay for specified assessment years subject to conditions: the trust must apply or accumulate income exclusively to its objects; restrict investments or deposits of funds (excluding certain voluntary contributions maintained as tangible assets) to modes permitted by the law; and the exemption excludes profits and gains of business unless such business is incidental to the trust's objects and separate books of account are maintained for it.
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Provisions expressly mentioned in the judgment/order text.
Charitable trust exemption subject to exclusive application of income, investment mode limits, and business accounting conditions.
Notification grants charitable trust exemption to Goud Saraswat Brahmans Temple Trust, Bombay for specified assessment years subject to conditions: the trust must apply or accumulate income exclusively to its objects; restrict investments or deposits of funds (excluding certain voluntary contributions maintained as tangible assets) to modes permitted by the law; and the exemption excludes profits and gains of business unless such business is incidental to the trust's objects and separate books of account are maintained for it.
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