Tax exemption for notified charitable gallery granted subject to operational, investment, return-filing and dissolution conditions. Notification grants tax exemption under section 10(23C)(iv) to Jehangir Art Gallery, Mumbai for assessment year 2005-2006 subject to conditions: apply or accumulate income exclusively for established objects; restrict investments to modes specified in section 11(5) (except certain voluntary contributions in kind); business income excluded unless incidental and separately accounted; regular filing of income-tax returns; and on dissolution transfer surplus and assets to a charitable organisation with similar objectives.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption for notified charitable gallery granted subject to operational, investment, return-filing and dissolution conditions.
Notification grants tax exemption under section 10(23C)(iv) to Jehangir Art Gallery, Mumbai for assessment year 2005-2006 subject to conditions: apply or accumulate income exclusively for established objects; restrict investments to modes specified in section 11(5) (except certain voluntary contributions in kind); business income excluded unless incidental and separately accounted; regular filing of income-tax returns; and on dissolution transfer surplus and assets to a charitable organisation with similar objectives.
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