Tax exemption notification grants recognition to a research institution subject to application of income and compliance conditions. Notification recognises the Centre for Research in Rural & Industrial Development, Chandigarh, subject to conditions: income must be applied or accumulated wholly and exclusively to its objects; investments limited to forms permitted under section 11(5) (except certain voluntary contributions in tangible forms); business income excluded unless incidental with separate accounts; regular filing of income tax returns required; and on dissolution surplus and assets must be transferred to an organisation with similar objectives.