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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Himalayan Rally Association Recognized Under Section 10(23) of Income-tax Act for 1991-94 with Specific Conditions</h1> The Central Government has notified the Himalayan Rally Association, Bombay, under clause (23) of section 10 of the Income-tax Act, 1961, for assessment years 1991-92 to 1993-94. The notification specifies conditions for the association: it must apply or accumulate income solely for its established objectives, avoid certain investments unless specified, refrain from distributing income to members except as grants to affiliated entities, and ensure any business income is incidental to its objectives with separate accounts maintained. This notification excludes income from business profits unless these conditions are met.
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