Tax exemption under section 10(23C)(v) granted subject to exclusive charitable application, permitted investments, separate business accounts, returns. Notification under Section 10(23C)(v) recognises Kudalsangam Development Board for the specified assessment years subject to conditions: income must be applied or accumulated exclusively for its objects; investments or deposits are limited to forms specified in Section 11(5) except certain voluntary contributions; business income is excluded unless incidental with separate books; regular filing of income tax returns is required; and on dissolution surplus assets must transfer to a like charitable organisation.