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of <h1>Government Recognizes 'Bombay Iron & Steel Labour Board' Under Section 10(23C) for Tax Exemption, Sets Compliance Conditions</h1> The Central Government has issued a notification under section 10(23C) of the Income-tax Act, 1961, recognizing the 'Bombay Iron & Steal Labour Board' for the assessment years 1999-2000 to 2001-2002. The notification stipulates that the Board must apply its income solely to its established objectives, invest funds only in specified forms, and maintain separate accounts for any business activities incidental to its objectives. It must also regularly file income tax returns and, in case of dissolution, transfer surplus assets to a similar charitable organization.
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