Section 10(23C)(iv) of the Income-tax Act, 1961 notifies Centre for Research in Rural & Industrial Development, Chandigarh for the A.Y. 2001-2002 to 2003-2004 - 257/2005 - Income Tax

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.