Income exemption for charitable trust receipts applies to Navajivan Trust when prescribed conditions on application, investment, accounting and dissolution are met. Receipts received by any person on behalf of Navajivan Trust, Ahmedabad shall not be included in that person's total income for assessment years 1998-1999 to 2000-2001 under the charitable trust exemption, provided the Institution applies or accumulates income solely for its objects; confines investments or deposits to permitted forms; excludes business income unless incidental and separately accounted; files returns regularly; and on dissolution transfers surplus assets to a like organization.