Exemption u/s. 10(23c)(iiiae)

Kamal (Querist) 23 March 2013 This query is : Resolved
A Public Trust was set up for philanthropic purpose. A Hospital was started for this purpose being property held under the Trust. The Trust is not registered u/s. 12A of the Act. Being initial years of operation, the Gross Recepits of the Hospital is below Rs. 1 Crore.
1. Whether exemption can be claimed u/s. 10(23C)(iiiae)? If yes what are the requirements? Is there any need of permission/registration?
2. If no, what will be the treatment of hospital income?
3. Revenue expenses are deductible from Hospital Income or Gross Receipt are chargeable to tax?
Please cite sections/circulars/case laws in favour of your answer.

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