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of <h1>'Exhibition Society, Hyderabad' Gains Tax Exemption Under Section 10(23C)(iv) for 2002-2005, Must Adhere to Regulations</h1> The Central Government has notified the 'Exhibition Society, Hyderabad' under clause (23C)(iv) of section 10 of the Income-tax Act, 1961, applicable for the assessment years 2002-2003 to 2004-2005. The notification mandates that the society must apply its income solely to its established objectives, restrict investments to specified forms, and maintain separate accounts for any incidental business activities. It must also file regular income tax returns and, upon dissolution, transfer any surplus assets to a similar charitable organization. This notification excludes income from business profits unless incidental to the society's objectives.
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