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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Bombay Panjrapole Notified Under Section 10(23C)(iv) for 1990-93; Must Adhere to Income and Investment Rules</h1> The Central Government has notified Bombay Panjrapole, Bombay, under section 10(23C)(iv) of the Income-tax Act, 1961, for the assessment years 1990-91 to 1992-93. The notification stipulates that the organization must apply or accumulate its income solely for its established objectives. It prohibits the investment or deposit of funds, excluding specific voluntary contributions, in forms not specified in section 11(5). Additionally, the notification excludes income from business profits and gains unless the business is incidental to the organization's objectives and separate accounts are maintained for such business activities.
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