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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income for Jehangir Art Gallery from 2006-09 exempt under Section 10(23C)(iv) if used per specified conditions.</h1> Income received on behalf of Jehangir Art Gallery, Mumbai, is exempt from inclusion in total income for assessment years 2006-07 to 2008-09 under Section 10(23C)(iv) of the Income-tax Act, 1961. Conditions for this exemption include using or accumulating income solely for the institution's objectives, limiting accumulation over 15% to five years, and investing funds as per Section 11(5). Business income is exempt only if incidental to the institution's objectives and separately accounted for. The institution must file regular income returns, and upon dissolution, assets must go to a similar organization. This applies solely to income received on behalf of the institution.
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