Tax exemption under section 10(23C)(iv): notified entity must apply income exclusively and meet investment and business conditions. Notification designates National Horticulture Board, Gurgaon as entitled to tax exemption under section 10(23C)(iv) for assessment years 1993-94 to 1995-96, subject to conditions: application or accumulation of income wholly and exclusively for established objects; investment or deposit of funds only in modes permitted by the statutory investment provision (excluding certain tangible voluntary contributions); and exclusion of business profits unless incidental to objectives with separate books maintained.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption under section 10(23C)(iv): notified entity must apply income exclusively and meet investment and business conditions.
Notification designates National Horticulture Board, Gurgaon as entitled to tax exemption under section 10(23C)(iv) for assessment years 1993-94 to 1995-96, subject to conditions: application or accumulation of income wholly and exclusively for established objects; investment or deposit of funds only in modes permitted by the statutory investment provision (excluding certain tangible voluntary contributions); and exclusion of business profits unless incidental to objectives with separate books maintained.
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