Tax exemption for income received on behalf of Technology Development Board subject to specified application, investment, business and audit conditions. Any income received by any person on behalf of the Technology Development Board is excluded from that person's total income under Section 10(23C)(iv), provided the Institution applies or accumulates its income solely for its objects (with limited accumulation), confines investments to modes permitted under section 11(5), treats business income as taxable unless incidental with separate books, files regular returns, transfers surplus on dissolution to like-minded bodies, and furnishes a prescribed audit report with its return.