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of <h1>Gujarat Cricket Association Notified Under Section 10(23) for Tax Exemption: Restrictions on Investments and Income Distribution</h1> The Central Government has notified the Gujarat Cricket Association, Ahmedabad, under section 10(23) of the Income-tax Act, 1961, for assessment years 1993-94 to 1995-96. The notification stipulates that the association must apply or accumulate its income exclusively for its established objectives, in line with section 11 provisions. The association is prohibited from investing its funds in certain assets and must adhere to specified investment modes. It cannot distribute income to members, except as grants to affiliated associations or institutions. The notification excludes income from business activities unless such business is incidental to the association's objectives and separately accounted for.
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