Exemption under Section 10(23C)(iv) conditions tax-exempt status on exclusive application of income and prescribed investment and reporting requirements. Notification under Section 10(23C)(iv) recognizes West Zone Cultural Centre, Udaipur for the specified assessment years subject to conditions: apply income wholly and exclusively to objects; restrict investments to forms permitted by law (except certain voluntary contributions in kind); exclude business income unless incidental and separately accounted; file income-tax returns regularly; and on dissolution transfer surplus and assets to a charitable organisation with similar objectives.