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<h1>Panjim Gymkhana Notified Under Section 10(23) of Income-tax Act: Key Conditions for Tax Exemption Explained</h1> The Central Government has notified 'Panjim Gymkhana, Panaji, Goa' under clause (23) of section 10 of the Income-tax Act, 1961, applicable for assessment years 1999-2000 to 2001-2002. Conditions include: the assessee must apply or accumulate income according to section 11 provisions for its established objectives; funds must not be invested or deposited outside specified modes; income distribution to members is prohibited, except as grants to affiliated associations; and the notification excludes income from business unless it is incidental to the assessee's objectives and separate accounts are maintained.