Exemption under Section 10(23C)(iv): income received on behalf of Punjab Infrastructure Development Board exempted for recipients subject to conditions. Any income received by any person on behalf of Punjab Infrastructure Development Board, Chandigarh is exempt in the hands of the recipient under Section 10(23C)(iv) subject to conditions: application or permissible accumulation of income for institutional objects, restricted modes of investment, business income only if incidental with separate books, regular filing of returns, mandated audit and audit report, and transfer of surplus on dissolution; the notification applies from assessment year 2006-07 onwards and may be rescinded if activities are not genuine or non-compliant.