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of <h1>Madhya Pradesh Flying Club Limited notified under section 10(23) for tax exemptions, with specific conditions on income use and investment.</h1> The Central Government has notified The Madhya Pradesh Flying Club Limited, Indore, under section 10(23) of the Income-tax Act, 1961, for the assessment years 1990-91 to 1992-93. The notification stipulates that the club must apply or accumulate its income solely for its established objectives, invest funds only in specified forms, avoid distributing income to members except as grants to affiliated associations, and maintain separate accounts for any business activities incidental to its objectives. This notification excludes income from business profits unless conditions are met.
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