Tax exemption for charitable foundation granted subject to income application, investment limits and business accounting safeguards. The India Polo Promotion Foundation, Mumbai is notified under clause (23) of section 10 for assessment years 1998-99 to 2000-01, subject to conditions: apply or accumulate income per section 11(2) and (3) as modified by clause (23) for charitable objects; restrict investments and deposits to forms/modes permitted by section 11(5) and Board notifications (excluding certain tangible voluntary contributions); do not distribute income to members except grants to affiliated bodies; and exclude business profits unless incidental to objectives with separate books maintained.