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of <h1>Goods Transport Labour Board, Mumbai notified under Income-tax Act for specific assessment years; must adhere to strict income usage rules.</h1> The Central Government has notified the 'Goods Transport Labour Board, Mumbai' under clause (23C)(iv) of section 10 of the Income-tax Act, 1961, for the assessment years 2002-2003 to 2004-2005. The notification stipulates that the Board must apply its income solely to its established objectives, not invest funds outside specified forms, maintain separate accounts for incidental business income, file regular income returns, and, upon dissolution, transfer surplus assets to a similar charitable organization. This notification does not apply to business income unless it is incidental to the Board's objectives.
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