Tax exemption notification: Veerayatan Rajgir recognised subject to income application, permitted investments and business conditions for assessment years. Notification recognises Veerayatan, Rajgir under sub clause (v) of clause (23C) of section 10 for specified assessment years, subject to conditions: income must be applied or accumulated wholly and exclusively to the institution's objects; investments/deposits during the relevant previous years are restricted to statutory modes (excluding certain voluntary contributions in forms like jewellery or furniture); and the notification does not cover profits and gains of business unless the business is incidental to the objects and maintained in separate books.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption notification: Veerayatan Rajgir recognised subject to income application, permitted investments and business conditions for assessment years.
Notification recognises Veerayatan, Rajgir under sub clause (v) of clause (23C) of section 10 for specified assessment years, subject to conditions: income must be applied or accumulated wholly and exclusively to the institution's objects; investments/deposits during the relevant previous years are restricted to statutory modes (excluding certain voluntary contributions in forms like jewellery or furniture); and the notification does not cover profits and gains of business unless the business is incidental to the objects and maintained in separate books.
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