Tax exemption under section 10(23): Maharashtra State Basketball Association notified subject to conditions on income application and investments. Notification under section 10(23) grants income tax exemption to Maharashtra State Basketball Association, Mumbai for the stated assessment years subject to conditions: apply or accumulate income wholly and exclusively for its objects; restrict investments to forms permitted by law; limit business income exemption to incidental activities with separate books; regularly file income tax returns; and, on dissolution, transfer surplus and assets to a similarly purposed charitable organisation.