Tax exemption notification conditions require exclusive application of income, prescribed investments, separate business accounts and asset transfer on dissolution. Notification under clause (23C)(iv) of section 10 authorizes Punjab Kesari Club, Mumbai for specified assessment years subject to conditions: income must be applied exclusively to its objects; investments restricted to forms permitted by section 11(5) (excluding certain voluntary contributions held as jewellery, furniture, etc.); business income is excluded unless incidental and maintained in separate books; regular filing of returns is required; and on dissolution surplus and assets must go to a like charitable organisation.