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of <h1>Government Recognizes Dock Labour Board Under Section 10(23C)(iv) for Tax Exemption, Sets Conditions for Compliance</h1> The Central Government has notified 'The Clearing & Forwarding Unprotected Dock Labour Board, Mumbai' under Section 10(23C)(iv) of the Income-tax Act, 1961, for the assessment years 1996-1997 to 1998-1999. The notification stipulates that the board must apply its income exclusively for its established objectives, restrict investments to specified modes, 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 it aligns with the board's objectives.
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