Tax exemption for charitable institution conditioned on exclusive application of income and compliant investments. Notification grants tax exemption under section 10(23C)(iv) to the Indian National Trust for Art and Cultural Heritage, New Delhi, for assessment years 1996-97 to 1998-99 subject to conditions: (i) income must be applied or accumulated wholly and exclusively for the trust's objects; (ii) investments/deposits are restricted to permitted modes except certain voluntary contributions held as jewellery, furniture, etc.; (iii) business income is excluded unless incidental and maintained in separate books; and (iv) regular filing of income-tax returns is required.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption for charitable institution conditioned on exclusive application of income and compliant investments.
Notification grants tax exemption under section 10(23C)(iv) to the Indian National Trust for Art and Cultural Heritage, New Delhi, for assessment years 1996-97 to 1998-99 subject to conditions: (i) income must be applied or accumulated wholly and exclusively for the trust's objects; (ii) investments/deposits are restricted to permitted modes except certain voluntary contributions held as jewellery, furniture, etc.; (iii) business income is excluded unless incidental and maintained in separate books; and (iv) regular filing of income-tax returns is required.
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