Exemption for income received on behalf of an institution applies subject to application, investment, audit and dissolution conditions. Exemption applies to income received by any person on behalf of Tragopan Farmers Society, Dimapur, so such receipts are excluded from the recipient's total income conditioned on: exclusive application or limited accumulation of income for institutional objects; permitted modes of investment or deposit; business income treated as taxable unless incidental and separately recorded; regular filing of returns; audited accounts with prescribed audit report; and transfer of surplus on dissolution to a like-minded organization.