Charitable trust recognition: exemption permitted subject to exclusive application of income and prescribed investment and business conditions. Notification recognizes the Adult Training Centre (Trust) for the Blind, Ahmedabad for charitable exemption under section 10(23C)(iv) for specified assessment years, subject to conditions: income must be applied or accumulated wholly and exclusively to its objects; funds must be invested only in the modes specified in section 11(5) except certain voluntary contributions retained as tangible items; and business income is excluded from the notification unless incidental to objectives and accounted for in separate books.
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Provisions expressly mentioned in the judgment/order text.
Charitable trust recognition: exemption permitted subject to exclusive application of income and prescribed investment and business conditions.
Notification recognizes the Adult Training Centre (Trust) for the Blind, Ahmedabad for charitable exemption under section 10(23C)(iv) for specified assessment years, subject to conditions: income must be applied or accumulated wholly and exclusively to its objects; funds must be invested only in the modes specified in section 11(5) except certain voluntary contributions retained as tangible items; and business income is excluded from the notification unless incidental to objectives and accounted for in separate books.
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