Tax exemption for charitable institution conditioned on exclusive application of income and prescribed investment modes. The India International Rural Cultural Centre is notified for tax exemption subject to conditions: it must apply or accumulate income wholly and exclusively to its objects; it may invest only in modes prescribed for application of charitable funds except for voluntary contributions retained as jewellery, furniture, etc.; and the exemption does not cover business income unless the business is incidental and separate books of account are maintained.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax exemption for charitable institution conditioned on exclusive application of income and prescribed investment modes.
The India International Rural Cultural Centre is notified for tax exemption subject to conditions: it must apply or accumulate income wholly and exclusively to its objects; it may invest only in modes prescribed for application of charitable funds except for voluntary contributions retained as jewellery, furniture, etc.; and the exemption does not cover business income unless the business is incidental and separate books of account are maintained.
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