Exemption under section 10(23C)(iv) granted to cultural centre, conditioned on exclusive income application and permitted investments. Notification designates South Central Zone Cultural Centre, Nagpur as eligible under section 10(23C)(iv) for assessment year 1997-98 provided it applies or accumulates income exclusively for its objects; restricts investments to modes specified in section 11(5) except for certain voluntary contributions retained as tangible items; and excludes business profits from the exemption unless the business is incidental to the centre's objectives and separate books of account are maintained.
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Provisions expressly mentioned in the judgment/order text.
Exemption under section 10(23C)(iv) granted to cultural centre, conditioned on exclusive income application and permitted investments.
Notification designates South Central Zone Cultural Centre, Nagpur as eligible under section 10(23C)(iv) for assessment year 1997-98 provided it applies or accumulates income exclusively for its objects; restricts investments to modes specified in section 11(5) except for certain voluntary contributions retained as tangible items; and excludes business profits from the exemption unless the business is incidental to the centre's objectives and separate books of account are maintained.
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