Tax exemption for charitable trust under section 10(23C)(v) allowed subject to income application, investment limits, and business carve out. Notification recognizes Shri Padmanbhaswamy Temple Trust as entitled to exemption under section 10(23C)(v) for assessment years 1993-94 and 1994-95, provided the trust applies or accumulates its income wholly and exclusively to its objects, confines investments (other than specified voluntary contributions) to permitted forms, and excludes business income unless incidental with separate books maintained.
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Tax exemption for charitable trust under section 10(23C)(v) allowed subject to income application, investment limits, and business carve out.
Notification recognizes Shri Padmanbhaswamy Temple Trust as entitled to exemption under section 10(23C)(v) for assessment years 1993-94 and 1994-95, provided the trust applies or accumulates its income wholly and exclusively to its objects, confines investments (other than specified voluntary contributions) to permitted forms, and excludes business income unless incidental with separate books maintained.
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