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of <h1>Triangle Tennis Trust Recognized Under Section 10(23) for Tax Exemption, Must Adhere to Specific Income and Investment Rules</h1> The Central Government has notified The Triangle Tennis Trust, Chennai, under Section 10(23) of the Income-tax Act, 1961, for the assessment years 2000-2001 to 2002-2003. The notification stipulates that the trust must apply its income solely to its established objectives and invest funds only in specified forms. It excludes income from business profits unless incidental to the trust's objectives, requiring separate accounts. The trust must file regular income tax returns, and in case of dissolution, its assets must be transferred to a similar charitable organization.
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