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of <h1>Central Government Notifies Grocery Markets Board for Tax Exemption under Section 10(23C)(iv) of Income-tax Act</h1> The Central Government has notified the 'Grocery Markets & Shops Board, Mumbai' for the assessment years 1996-1997 to 1998-1999 under clause (23C)(iv) of section 10 of the Income-tax Act, 1961. The notification stipulates that the assessee must apply its income exclusively for its established objectives, invest funds according to specified forms, maintain separate accounts for any incidental business, file regular income returns, and in case of dissolution, transfer surplus assets to a similar charitable organization. This notification does not apply to business profits unless incidental to the assessee's objectives.
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