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of <h1>Medical Research Foundation, Madras, granted tax exemption under section 10(23C)(iv) for 1990-93; must comply with investment rules.</h1> The Central Government has notified the Medical Research Foundation, Madras, 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 Foundation must use its income exclusively for its established objectives and must not invest its funds, except for voluntary contributions, in forms not specified in section 11(5). Additionally, the notification excludes income from business profits unless the business is incidental to the Foundation's objectives and is accounted for separately.
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