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Introducing the βIn Favour Ofβ filter in Case Laws.
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<h1>South Arcot Diocesan Corporation granted tax exemption under section 10(23C) with conditions on income application and investments.</h1> The Central Government has notified 'The South Arcot Diocesan Corporation Cuddalore, Tamil Nadu' under section 10(23C) of the Income-tax Act, 1961, for the assessment years 1996-1997 to 1998-1999. This notification is subject to conditions including the application of income exclusively for its established objectives, restrictions on investment or deposit of funds, exclusion of business income unless incidental and separately accounted, regular filing of income tax returns, and the requirement that any surplus or assets upon dissolution be transferred to a charitable organization with similar objectives.