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of <h1>Sports Authority of India Notified Under Section 10(23) for Tax Exemption with Conditions on Income Use and Investments</h1> The Central Government has notified the Sports Authority of India, New Delhi, under section 10(23) of the Income Tax Act, 1961, for the assessment years 1993-1994 to 1994-1995. The notification stipulates that the authority must apply its income exclusively to its objectives, invest funds only in specified modes, and maintain separate accounts for any incidental business activities. Additionally, it must file regular income tax returns and, upon dissolution, transfer any surplus assets to a charitable organization with similar objectives. This notification excludes income from business profits unless incidental to the authority's objectives.
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