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of <h1>Central Government Recognizes Bombay Iron & Steel Labour Board for Tax Exemption Under Section 10(23C) of Income-tax Act 1961 (23C)</h1> The Central Government has notified the 'Bombay Iron & Steel Labour Board, Mumbai' under section 10(23C) 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 to its established objectives, restrict investments to specified forms, maintain separate accounts for any incidental business income, regularly file tax returns, and ensure that any surplus upon dissolution is transferred to a similar charitable organization. This notification, dated August 24, 2004, outlines conditions for tax exemption eligibility under the specified section.
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