Tax exemption for notified charitable trust requires exclusive application of income and specified compliance conditions. The Central Government notifies The Triangle Tennis Trust, Chennai, as tax-exempt for the stated assessment years subject to conditions: income must be applied or accumulated exclusively for trust objects; investments limited to prescribed permitted forms (excluding voluntary contributions held as jewellery, furniture etc.); business income excluded unless incidental and separately accounted; regular filing of income-tax returns; and on dissolution surplus assets must be transferred to a charitable organisation with similar objectives.