Tax exemption for contributions to Council for Leather Exports conditioned on exclusive application of funds and prescribed compliance. Any income received by a person on behalf of the Council for Leather Exports is not to be included in that person's total income provided the Institution applies or accumulates income exclusively for its objects (with accumulation over fifteen percent limited to five years), confines investments to modes in section 11(5), treats business income as non exempt unless incidental with separate books, files returns regularly, obtains the prescribed audit and report, and on dissolution transfers surplus to a like organization; applicability begins AY 2004 05 and may be rescinded for noncompliance.