Tax exemption recognition for Jehangir Art Gallery granted subject to compliance with income application, investment and reporting conditions. The Central Government notified Jehangir Art Gallery as a charitable institution eligible for income-tax recognition for specified assessment years, subject to conditions: apply or accumulate income exclusively for its objects; restrict investments to forms permitted for charitable trusts; treat business income as incidental with separate accounts; file income-tax returns regularly; and on dissolution transfer surplus and assets to a similar charitable organisation.