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Exemption under section 10(23C)(iv)/(v) of the Income-tax Act, 1961--Clarification regarding
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....rusts and institutions is exempt from tax if the conditions specified for this purpose are satisfied. One such condition, as laid down in the third proviso to section 10(23C), is that the fund, trust or institution applies its income or accumulates it for application wholly and exclusively to the object for which it is established and it does not invest or deposit its funds (other than voluntary c....
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.... equipment, etc. It has been pointed out that all these are used as such for the purposes of the fund, trust or institution. 3. A doubt has, however, been raised as to whether the fund, trust or institution would be eligible for the tax exemption under section 10(23C)(iv) or (v) of the Act even if the donations-in-kind are not in the form of jewellery, furniture or any other article notified by t....