Exemption of institutional receipts under income tax excludes such amounts from a recipient's assessable income, subject to compliance conditions. Income received by any person on behalf of Shri Saibaba Sansthan, Shirdi is not includible in that person's total income for specified assessment years provided the institution applies or properly accumulates income for its objects (with limits on excess accumulation), confines investments to prescribed modes (excluding certain physical voluntary contributions), treats business income as incidental with separate accounts if claimed, files income-tax returns regularly, and on dissolution transfers surplus and assets to a like-minded organisation; the exemption covers only receipts on behalf of the institution and not other recipient income.