Section 10(23C) exemption granted to a labour board, subject to conditions on application of income and investments. Notification under Section 10(23C) grants exemption to the Bombay Iron & Steal Labour Board for specified assessment years subject to conditions: income must be applied or accumulated solely for the board's objects; investments are restricted to permitted forms (with limited exceptions for certain voluntary contributions); business income is excluded unless incidental and separately accounted; the assessee must file income-tax returns regularly; and on dissolution surplus assets must transfer to a charitable organisation with similar objectives.