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The Central Government notifies the 'Maninagar Shree Swaminarayan Gadi Sansthan Shreeji Sankalp Murti Adya Acharya Pravar Dharmadhurandhar, 1008 Shree Muktajeevan Swamibapa Suvarna Jayanti Mahotsav Smarak Trust, Ahmedabad' for the purpose of clause (23C)(iv) of section 10 of the I-tax Act, 1961 - 248/2003 - Income Tax Act, 1961
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Notification under clause (23C)(iv) - trust recognised for tax-exempt status subject to specified operational conditions and reporting obligations. Notification grants tax-exempt recognition to the named trust for assessment years 2002-2003 to 2004-2005 subject to conditions: income must be applied or accumulated solely for the trust's objects; investments limited to authorised modes except certain tangible voluntary contributions; business income excluded unless incidental and maintained in separate accounts; regular filing of income-tax returns required; and on dissolution surplus assets must transfer to a similar charitable organisation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Notification under clause (23C)(iv) - trust recognised for tax-exempt status subject to specified operational conditions and reporting obligations.
Notification grants tax-exempt recognition to the named trust for assessment years 2002-2003 to 2004-2005 subject to conditions: income must be applied or accumulated solely for the trust's objects; investments limited to authorised modes except certain tangible voluntary contributions; business income excluded unless incidental and maintained in separate accounts; regular filing of income-tax returns required; and on dissolution surplus assets must transfer to a similar charitable organisation.
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