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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>India Polo Promotion Foundation Notified Under Section 10(23) for Tax Exemption: Key Conditions and Compliance Outlined</h1> The Central Government has notified the India Polo Promotion Foundation, Mumbai, under Section 10(23) of the Income-tax Act, 1961, for the assessment years 2001-02 to 2002-03. The notification stipulates that the Foundation must apply or accumulate its income in accordance with Sections 11(2) and (3), invest funds only in specified forms, refrain from distributing income to members except as grants, and maintain separate accounts for any business income, which must be incidental to its objectives. These conditions ensure the Foundation's income is used exclusively for its established purposes.
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