Tax exemption under section 10(23C)(v) granted to a trust, conditional on application of income, permitted investments, and dissolution transfer. Central Government notifies the Shree Vedmata Gayatri Trust, Hardwar as eligible for exemption under section 10(23C)(v) for assessment years 1994-95 to 1996-97, subject to conditions: apply or accumulate income wholly for charitable objects; limit investments to modes permitted under section 11(5) (except certain voluntary contributions held as jewellery or furniture); treat business income as non-exempt unless incidental and separately accounted; file income-tax returns regularly; and on dissolution transfer surplus and assets to a similar charitable organisation.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption under section 10(23C)(v) granted to a trust, conditional on application of income, permitted investments, and dissolution transfer.
Central Government notifies the Shree Vedmata Gayatri Trust, Hardwar as eligible for exemption under section 10(23C)(v) for assessment years 1994-95 to 1996-97, subject to conditions: apply or accumulate income wholly for charitable objects; limit investments to modes permitted under section 11(5) (except certain voluntary contributions held as jewellery or furniture); treat business income as non-exempt unless incidental and separately accounted; file income-tax returns regularly; and on dissolution transfer surplus and assets to a similar charitable organisation.
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