Tax exemption for notified institution subject to exclusive application of income and permitted investment modes. Notification grants tax-exempt status to Sri Devarajaswamy Devasthanam for the specified assessment years under section 10(23C)(v), conditioned on exclusive application of income to the institution's objects or lawful accumulation, investment or deposit of funds only in modes permitted by law (excluding certain tangible voluntary contributions), and exclusion of business income from the notification unless the business is incidental to the objectives and is evidenced by separate books of account.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption for notified institution subject to exclusive application of income and permitted investment modes.
Notification grants tax-exempt status to Sri Devarajaswamy Devasthanam for the specified assessment years under section 10(23C)(v), conditioned on exclusive application of income to the institution's objects or lawful accumulation, investment or deposit of funds only in modes permitted by law (excluding certain tangible voluntary contributions), and exclusion of business income from the notification unless the business is incidental to the objectives and is evidenced by separate books of account.
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