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of <h1>Goods Transport Labour Board Recognized for Tax Exemption Under Income-tax Act, Section 10(23C)(iv) for 1996-99</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, applicable for assessment years 1996-97 to 1998-99. The notification stipulates that the Board must apply its income solely to its objectives, invest funds only in specified modes, and maintain separate accounts for any incidental business activities. Additionally, the Board is required to file regular income tax returns, and in case of dissolution, its surplus and assets must be transferred to a charitable organization with similar objectives.
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