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of <h1>Maharashtra State Basketball Association Gains Tax Exemption Under Section 10(23) for 2000-2003; Must Follow Specific Guidelines.</h1> The Central Government has notified the Maharashtra State Basketball Association, Mumbai, under section 10(23) of the Income-tax Act, 1961, for the assessment years 2000-2001 to 2002-2003. The association must apply its income exclusively to its objectives and invest funds only in specified modes. Income from business activities is exempt only if incidental to its objectives and recorded separately. The association is required to file regular income tax returns. In the event of dissolution, any surplus and assets must be transferred to a charitable organization with similar objectives.
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