Tax exemption approval granted subject to income application, permitted investments, accumulation limits and mandatory audit compliance. Approval under Section 10(23C)(vi) is granted to C.M.S. Educational Trust from assessment year 2009-2010 subject to conditions: income must be applied or accumulated exclusively for educational objects with limited accumulation period; funds (except certain voluntary contributions) must be invested only in forms permitted by law; income from trade or business is excluded from approval; the trust must obtain statutory audit and file returns; on dissolution surplus and assets must pass to a non-profit educational body; anonymous donations are not covered.
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Tax exemption approval granted subject to income application, permitted investments, accumulation limits and mandatory audit compliance.
Approval under Section 10(23C)(vi) is granted to C.M.S. Educational Trust from assessment year 2009-2010 subject to conditions: income must be applied or accumulated exclusively for educational objects with limited accumulation period; funds (except certain voluntary contributions) must be invested only in forms permitted by law; income from trade or business is excluded from approval; the trust must obtain statutory audit and file returns; on dissolution surplus and assets must pass to a non-profit educational body; anonymous donations are not covered.
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