Tax exemption for charitable trust conditioned on exclusive application of income and statutory investment restrictions. Notification recognizes the trust as tax-exempt for specified years subject to conditions: income must be applied or accumulated wholly and exclusively for its objects; funds (except voluntary contributions retained as movable assets) may be invested only in permitted statutory modes; and business profits are excluded from the exemption unless the business is incidental and maintained in separate books of account.
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 trust conditioned on exclusive application of income and statutory investment restrictions.
Notification recognizes the trust as tax-exempt for specified years subject to conditions: income must be applied or accumulated wholly and exclusively for its objects; funds (except voluntary contributions retained as movable assets) may be invested only in permitted statutory modes; and business profits are excluded from the exemption unless the business is incidental and maintained in separate books of account.
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