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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>William Carey Study Centre Gains Tax Exemption for 1999-2002 under Section 10(23C)(iv) with Strict Income Use Rules.</h1> The Central Government has notified the William Carey Study and Research Centre in Calcutta under section 10(23C)(iv) of the Income-tax Act, 1961, effective for the assessment years 1999-2000 to 2001-2002. The notification stipulates that the Centre must apply or accumulate its income exclusively for its established objectives. It prohibits investment of funds, except voluntary contributions in specific forms, outside the modes specified in section 11(5). Additionally, the notification excludes income from business profits unless the business supports the Centre's objectives and separate accounts are maintained.
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